Bank of Maharashtra rallied 4.41% to Rs 30.75 after the state-owned lender approved the allocation of Basel III-compliant additional tier 1 (AT1 ) bonds, raised Rs 880 crore.

The bank said these bonds would be listed on the wholesale debt market segment of the BSE.

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The bank has accepted a bid of Rs 880 crore (including a base issue of Rs 200 crore and a green shoe option retained up to Rs 680 crore) at a coupon rate of 8.74%.

The state-run bank’s net profit jumped 102.93% to Rs 535 crore in the September quarter of FY23 compared to Rs 264 crore posted in Q2FY22. Total income rose 7% yearly to Rs 4,317 crore in Q2FY23 over Q2FY22.

The public sector bank Government has a 90.97% stake in the bank at the end of September 2022.