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.

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.

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