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Bank of Maharashtra to raise ₹10,000 crore in infra bonds
Bank of Maharashtra is planning to raise ₹10,000 crore this fiscal year by issuing infrastructure bonds.
The bank wants to boost its capital and stay on track with regulations.
According to Managing Director Nidhu Saxena, they'll time the bond launch for later in the year when interest rates are expected to drop—hoping for better deals.
BoM's board has okayed raising another ₹5,000 crore through equity
Alongside the bond plan, BoM's board has okayed raising another ₹5,000 crore through equity and ₹2,500 crore via debt.
These steps are meant to meet rules and bring down the government's stake from nearly 80% to below 75%.
The details are still being worked out, but it's all about making the bank stronger and more independent.