Bank of Maharashtra, one of the leading public sector banks in India, on Tuesday announced that it has raised Rs 1 billion through private placement of BASEL III Compliant Tier II Bonds. The bank has allotted 1000 Bonds having face value of Rs 10 lakh each. The maturity date will be Mar. 23, 2031.

The unsecured redeemable taxable subordinate tier II bonds bear interest rate of 8%.

The bank said it will list the bonds on wholesale debt market segment of BSE.

Shares of the Bank gained Rs 0.85, or 4.07%, to settle  at  Rs 21.75.  The total volume of shares traded  was  2,719,227 at  the BSE (Wednesday).