New Delhi, Dec 22 (PTI) State-owned Bank of Maharashtra (BoM) on Thursday said it has raised Rs 880 crore through Basel III-compliant Additional Tier 1 (AT1) bonds.

The issue, including green shoe option of Rs 680 crore, was subscribed more than four times against base size of Rs 200 crore, the bank said in a statement.

Also Read | COVID-19: Over 6 in 10 Indians Avoiding Coronavirus Vaccine’s Booster Shot Due to Heart Attack Fears, Says Report.

The fund raised through the AT1 bonds will support the business growth of the bank, it added.

The AT1 instrument with a coupon rate of 8.74 per cent is perpetual in nature.

Also Read | COVID-19 Outbreak: Mandatory Coronavirus Sampling Tests for All International Passengers if Necessary, Says Mansukh Mandaviya.

(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)