New Delhi, Sep 7 (PTI) State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 710 crore from bonds to fund business growth.

The fund raised via Basel III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including green shoe option of Rs 610 crore) is at a coupon rate of 8.74 per cent, the bank said in a statement.

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The issue garnered overwhelming response from investors with subscription of 10 times against base issue size of Rs 100 crore.

The capital raised through the AT1 bonds will support the business growth of the bank.

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The AT1 instrument is perpetual in nature; with call option after 5 years.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)