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Bank of Maharashtra to raise Rs300 cr via debt instruments

Bank of Maharashtra to raise Rs300 cr via debt instruments
PTI
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First Published: Mon, Sep 07 2009. 02 12 PM IST
Updated: Mon, Sep 07 2009. 02 12 PM IST
Mumbai: Bank of Maharashtra today said it would raise Rs300 crore through the issue of debt instruments in the current financial year.
The state-run lender has decided to raise capital up to Rs300 crore during the current financial year, by issuing perpetual debt instruments to augment the capital funds, Bank of Maharashtra said in a filing to the Bombay Stock Exchange.
Besides, the bank has approached the central government for capital support by way of preference share capital. It expects to get first tranche of preference share capital of about Rs 500 crore under the recapitalisation scheme of the government during the current year.
Shares of Bank of Maharashtra were trading at Rs41.40, up 2.86% in afternoon trade on the BSE.
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First Published: Mon, Sep 07 2009. 02 12 PM IST