On Wednesday, the state-owned Bank of Maharashtra (BoM) said it had raised Rs 348 crore through bonds to fund business growth. The bank raised funds through a private placement of Basel III-compliant secondary bonds, BoM said in a regulatory filing.

It states that paper of face value Rs 1 crore carries a coupon rate of 8%. The bonds will be listed on the wholesale bond market segment of the BSE.

Bank of Maharashtra offers a wide range of personal banking products and services such as Deposits, Savings, Personal Loans, Educational Loans, Demat Services, Credit Cards, etc. The bank also serves the agricultural and SME sectors.