MAHABANK

Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA LTD - RECEIVES ADMINISTRATIVE WARNING FROM SEBI

• BANK OF MAHARASHTRA LTD - NO FINANCIAL OR OPERATIONAL IMPACT REPORTED

Source text: ID:nBSE6L0LlC

Further company coverage: BMBK.NS

NEW DELHI, Feb 25 (Reuters) - India has invited bids to appoint merchant bankers and legal advisers to sell the government's minority shareholding in select public sector banks and financial companies.

The government is looking to undertake minority stake sales in state-run banks and financial firms through an offer for sale, according to a document published on Monday on the Department of Investment and Public Asset Management's website, which did not name the lenders.

The federal finance ministry is looking dilute minority shareholdings in Central Bank of India CBI.NS, Indian Overseas Bank IOBK.NS, UCO Bank UCBK.NS, and Punjab and Sind Bank PUNA.NS, Reuters reported in November.

The plan to lower the government’s stake in banks and financial companies is required to comply with public shareholding norms mandated by the markets regulator.

The Securities and Exchange Board of India requires companies to maintain a 25% public shareholding, but has exempted government-owned firms from meeting these norms till August 2026.

The Indian government owns more than 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank and 98.3% in Punjab and Sind Bank. It also owns an 80% stake in Bank of Maharashtra BMBK.NS.

In the past, public sector banks launched qualified institutional placements (QIP) to raise capital, which, in turn, reduced the government's stake in state-run banks.

Merchant bankers and legal advisers will be appointed for three years and are required to submit their bids by March 27, the document said.

India has ditched its ambitious privatisation plans and put on hold a majority stake sale in at least nine state-owned units after opposition from relevant ministries.

Instead, it is continuing with minority stake sales in state-run companies. As of February, the government mopped up 86.25 billion rupees ($993.2 million) via stake sales in the 2024-25 financial year.

($1 = 86.8420 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Sonia Cheema)

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Feb 18 (Reuters) - Fundraising through infrastructure bonds is set to become more expensive for Indian lenders that have used them to raise record funds as investors demand higher returns amid increased debt supply.

Domestic lenders have raised a record 892 billion rupees ($10.26 billion) in this financial year, with some, including State Bank of India, likely to tap this route before the fiscal year ends in March.

"Over the last month, demand from long-term investors has been weak, resulting in widening of spreads in the long-term corporate bond segment," said Ketan Parikh, head of fixed income at ICICI Prudential Life Insurance.

Rising debt issuances, especially by banks and other long-term issuers, have also led to spreads widening between corporate and government bond yields, he added.

State-run Bank of Maharashtra, Punjab National Bank and Bank of India have raised a total of 72.52 billion rupees, about 55% of their 130 billion-rupee target, including greenshoe options.

The lenders have also had to pay a higher premium over the corresponding maturity government bond yield compared to their previous debt issuance.

In July, Bank of India sold 10-year infra bonds at a spread of 56 basis points above the 10-year benchmark bond yield, while Bank of Maharashtra raised funds at a spread of 85 bps over the benchmark yield. Both lenders had to pay an additional spread of 15 bps for the sale.

None of the lenders responded to Reuters' emails seeking comment.

"Large institutional investors, having met their minimum regulatory investment requirements, are now demanding higher yields amid expectations of a substantial state debt supply through March," said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

Indian states are scheduled to borrow 2.25 trillion rupees in the last five weeks of the financial year.

While yields in the secondary market have gone up by 6-8 bps since the central bank's rate cut decision earlier this month, investors are constantly bidding at higher levels for new debt placements.

Along with the lenders, other state-run companies such as REC, PFC, NABARD and IIFCL, closed their issues recently without meeting their targets, signalling overall investor fatigue.

Indian lenders unable to raise planned quantum despite paying higher yields:

($1 = 86.9190 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

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MUMBAI, Feb 17 (Reuters) - India's Bank of Maharashtra BMBK.NS has accepted bids worth 16.12 billion rupees ($185.7 million) for infrastructure bonds maturing in 10 years, three bankers said on Monday.

The state-run lender will pay an annual coupon of 7.70% to the investors of this issue and had invited coupon and commitment bids earlier in the day, they said.

The lender did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 17:

*Size includes base plus greenshoe for some issues

($1 = 86.8200 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

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Feb 13 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA - RBI PERMITTED BANK FOR SETTING UP OF IFSC BANKING UNIT IN GIFT CITY

Source text: ID:nBSE2FnflG

Further company coverage: BMBK.NS

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Jan 15 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• DEC-QUARTER NET PROFIT 14.06 BILLION RUPEES

• DEC-QUARTER GROSS NPA 1.8%

• DEC-QUARTER INTEREST EARNED 63.25 BILLION RUPEES

• DEC-QUARTER NET NPA 0.2%

• DEC-QUARTER PROVISIONS AND CONTINGENCIES 8.41 BILLION RUPEES

• DEC-QUARTER PROVISIONS FOR NPA 5.93 BILLION RUPEES

Further company coverage: BMBK.NS

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** Bank of Maharashtra's BMBK.NS stock jumps 4.7% to 55.23 rupees - biggest jump in two months

** Government-owned lender is top pct gainer on Nifty Public Sector Bank index .NIFTYPSU, which is up 1.6%

** BMBK says its deposits grew 13% as of end-Dec, while gross advances grew 21%

** BMBK rose ~16% in 2024, just ahead of public sector bank stocks' gains of 14.5%

(Reporting by Nandan Mandayam in Bengaluru)

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Jan 2 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA - TOTAL BUSINESS UP 16.87% Y/Y ON DEC END

• BANK OF MAHARASHTRA - TOTAL DEPOSITS UP 13.54% Y/Y ON DEC-END

Source text: ID:nBSEByZ9g

Further company coverage: BMBK.NS

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Oct 10 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• TOTAL DEPOSITS UP 15.46% Y/Y AS OF SEPT 30

• GROSS ADVANCES UP 18.73% Y/Y AS OF SEPT 30

Source text for Eikon: ID:nBSE3yXbxd

Further company coverage: BMBK.NS

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Sept 30 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• APPROVED FLOOR PRICE OF 60.37 RUPEES PER SHARE FOR QIP

Source text for Eikon: ID:nBSEbFDkfl

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Aug 22 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• AIBEA, AIBOMEF GAVE CALL FOR ONE DAY STRIKE ON AUG 28

Source text for Eikon: [ID:]

Further company coverage: BMBK.NS

(Reporting by VijayDattaram Malkar)

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Aug 1 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA - GETS TOTAL BIDS OF 13.90 BILLION RUPEES FOR ITS LONG TERM INFRA BONDS

• BANK OF MAHARASHTRA - ACCEPTED BID OF 8.11 BILLION RUPEES FOR LONG TERM INFRA BONDS

Source text for Eikon: ID:nBSE76Cv0B

Further company coverage: BMBK.NS

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MUMBAI, July 30 (Reuters) - India's Bank of Maharashtra BMBK.NS plans to raise up to 30 billion rupees ($358.27 million), including a greenshoe of 25 billion rupees, through its first issue of infrastructure bonds maturing in 10 years, three bankers said.

The state-run bank has invited coupon and commitment bids for the issue on Thursday, they said.

Earlier this month, the bank had raised 10 billion rupees via Basel III compliant tier II bonds maturing in 10 years at a coupon of 7.89%.

Here is the list of deals reported so far on July 30:

*Size includes base plus greenshoe for some issues

($1 = 83.7350 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia)

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July 18 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• APPROVED RAISING LONG TERM BONDS UP TO 100 BILLION RUPEES

• APPROVED RAISING LONG TERM BONDS DURING FY24-25

Further company coverage: BMBK.NS

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July 15 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• JUNE-QUARTER NET PROFIT 12.93 BILLION RUPEES

• JUNE-QUARTER GROSS NPA 1.85%

• JUNE-QUARTER INTEREST EARNED 58.75 BILLION RUPEES

• JUNE-QUARTER PROVISIONS AND CONTINGENCIES 9.50 BILLION RUPEES

• JUNE-QUARTER PROVISIONS FOR NPA 5.86 BILLION RUPEES

• JUNE-QUARTER NET NPA 0.2%

Source text for Eikon: [ID:]

Further company coverage: BMBK.NS

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MUMBAI, July 2 (Reuters) - India's Bank of Maharashtra BMBK.NS has accepted bids worth 10 billion rupees ($119.8 million) through Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Tuesday.

The state-run bank will pay an annual coupon of 7.89% on this issue and had invited bids from investors and bankers earlier in the day, they said.

The bonds have a call option at the end of five years.

Here is the list of deals reported so far on July 2:

*Size includes base plus greenshoe for some issues

($1 = 83.4820 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Mrigank Dhaniwala)

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MUMBAI, June 28 (Reuters) - India's Bank of Maharashtra BMBK.NS plans to raise up to 10 billion rupees ($119.88 million), including a greenshoe of 7.5 billion rupees, through Basel III compliant tier 2 bonds maturing in 10 years, three people said on Friday.

The state-run bank has invited bids from investors and bankers for the proposed bond issue on Tuesday.

The bonds have a call option at the end of five years.

Here is the list of deals reported so far on June 28:

* Size includes base plus greenshoe for some issues

($1 = 83.4150 Indian rupees)

(Reporting by Bhakti Tambe)

(([email protected]))

MUMBAI, June 19 (Reuters) - India's Bank of Maharashtra BMBK.NS plans to raise 10 billion rupees ($119.9 million) through the sale of Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Wednesday.

The state-run bank is likely to invite bids from bankers and investors next week, and the issue is expected to have a call option at the end of five years, the bankers said.

Here is the list of deals reported so far on June 19:

*Size includes base plus greenshoe for some issues

($1 = 83.3840 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

(([email protected]))

** Shares of Bank of Maharashtra BMBK.NS up as much as 6.4% at 69.4 rupees; last up 4%

** BMBK stock leads gains in Nifty PSU Bank Index .NIFTYPSU, which is currently trading flat

** Lender reports a 45% jump in March-qtr net profit to 12.18 bln rupees ($146.2 mln); interest earned rises 21.6% Y/Y

** Stock on track to snap to two straight weeks of losses if trends hold

** More than 80 mln shares change hands by 2:36 p.m. IST, 2.8x the 30-day avg

** Including session's gains, stock is up 50.5% YTD, outpacing peers Punjab & Sind Bank PUNA.NS and UCO Bank UCBK.NS, which are up 44% each

($1 = 83.2850 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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April 5 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA LTD - GROSS ADVANCES AS OF MARCH END UP 16.31% Y/Y

• BANK OF MAHARASHTRA LTD - TOTAL DEPOSITS GREW 15.65% Y/Y AS OF MAR 31

Source text for Eikon: ID:nBSE4BXCl8

Further company coverage: BMBK.NS

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March 28 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• NIDHU SAXENA APPOINTED AS MANAGING DIRECTOR & CEO

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Feb 22 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• RELIEVING OF MD, CEO A. S. RAJEEV

• RELIEVING OF A. S. RAJEEV ON ACCOUNT OF HIS APPOINTMENT AS VIGILANCE COMMISSIONER IN CENTRAL VIGILANCE COMMISSION

Source text for Eikon: ID:nBSE6Xqv69

Further company coverage: BMBK.NS

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** Shares of Bank of Maharashtra BMBK.NS rise as much as 3.7% to 52.25 rupees, hitting their highest since early July, 2014

** Lender reports a 33.6% jump in Dec-qtr net profit to 10.36 billion rupees ($124.87 million); interest earned up ~25% Y/Y

** BMBK last up 1.9%; on track for fourth straight session of gains

** Stock trading above its 50-, 100-, and 200-day moving averages since late Dec 2023

** More than 80.6 mln shares change hands, 2.6x the 30-day avg

** Stock had gained ~47% in 2023 posting fourth straight year of gains vs a 32% rise in the Nifty PSU Bank Index .NIFTYPSU

($1 = 82.9650 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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** Shares of Bank Of Maharashtra BMBK.NS up 4.2% at 47.35 rupees

** Lender reports 17.9% Y/Y jump in total deposits for the quarter ended Dec. 31 - provisional data; gross advances up 20.3%

** BMBK top gainer on the Nifty PSU bank index .NIFTYPSU

** Stock has been trading above its 200-day moving avgs since Oct. 14, 2022

** Over 31.7 mln shares traded as of 11:33 a.m. IST, 1.4x the 30-day moving average

** BMBK rose 47.5% in 2023

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

Jan 2 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• PROVISIONAL GROSS ADVANCES UP 20.3% YOY AS OF DEC 31

• TOTAL BUSINESS AS OF DEC END UP 18.92% Y/Y

• PROVISIONAL TOTAL DEPOSITS AS OF DEC 31 UP 17.90% YOY

Source text for Eikon: ID:nBSE85tR7T

Further company coverage: BMBK.NS

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Corrects headline to say Indian lawmakers not lawyers

By Sarita Chaganti Singh and Nikunj Ohri

Dec 17 (Reuters) - A committee of Indian lawmakers will hold discussions with four government-owned banks early next year under banking laws which among other things govern mergers and acquisitions, according to a government document.

The meeting will also include “informal discussions” with India’s central bank over the law governing its functioning and regulatory supervision, besides separate deliberations with five insurance companies over the country’s insurance laws, said the document.

Informal discussions will be held with representatives of UCO Bank UCBK.NS and Union Bank of India UNBK.NS on January 2, 2024 and between Bank of Maharashtra BMBK.NS and Bank of India BOI.NS on January 6, 2024 in western cities of Mumbai and Goa, said the document issued on Nov. 16.

It did not specify reasons for the talks.

A meeting with Insurance Regulatory and Development Authority of India, Life Insurance Corporation LIFI.NS, SBI Life Insurance SBIL.NS, National Insurance Co, Oriental Insurance and the New India Assurance Co THEE.NS is also proposed on Jan. 2.

Two Indian finance ministry sources, who spoke on condition of anonymity, told Reuters that no proposal to merge the public sector banks is being considered by the government and that the discussions were part of ‘routine exercise.’ An email sent to the country’s federal finance ministry remained unanswered.

Indian government, in 2019, announced the merger of 10 state-owned banks into four lenders.

Government owned banks still account for over 60% of India’s banking system by assets and deposits.

(Reporting by Dhwani Pandya; Editing by Michael Perry)

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Dec 14 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• ALLOTTED BASEL III COMPLIANT TIER II BONDS AMOUNTING TO 2.59 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

Source text for Eikon: ID:nBSE4dxHnn

Further company coverage: BMBK.NS

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Dec 12 (Reuters) - Bank of Maharashtra Ltd BMBK.NS:

• BANK OF MAHARASHTRA - GOT TOTAL BIDS OF 5.64 BILLION RUPEES FOR ITS ISSUE OF BASEL III COMPLIANT TIER 2 BONDS ON PRIVATE PLACEMENT BASIS

• BANK OF MAHARASHTRA LTD - ACCEPTED BID OF 2.59 BILLION RUPEES AT COUPON RATE OF 7.99%

• BANK OF MAHARASHTRA LTD - ACCEPTED BID INCLUDES BASE ISSUE OF 2.50 BILLION RUPEES AND GREEN SHOE OPTION RETAINED UPTO 90 MILLION RUPEES

Source text for Eikon: ID:nBSE6g5r1l

Further company coverage: BMBK.NS

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MUMBAI, Dec 6 (Reuters) - India's Bank of Maharashtra BMBK.NS plans to raise at least 2.50 billion rupees ($30.00 million) through the sale of Basel III compliant tier-II bonds maturing in 10 years, three merchant bankers said on Wednesday.

The state-run bank has invited bids from bankers and investors on Tuesday, the bankers added.

Last week, Reuters reported the state-run lender is in talks with merchant bankers and investors to raise around 10 billion rupees via Tier II bonds in the second week of December.

This would be the lender's second bond issue in the current financial year. In September, the bank had raised 5.15 billion rupees, selling Basel III compliant tier-II bonds maturing in 10 years at a 7.98% coupon. This issue has a call option at the end of five years.

Here is the list of deals reported so far on Dec. 6

*Size includes base plus greenshoe for some issues

($1 = 83.3243 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

(([email protected]))

By Dharamraj Dhutia and Bhakti Tambe

MUMBAI, Dec 1 (Reuters) - India's Bank of Maharashtra BMBK.NS is in talks with merchant bankers and investors to raise funds via the sale of Basel III compliant tier-II bonds maturing in 10 years, three merchant bankers said on Friday.

The state-run bank is likely to raise around 10 billion rupees ($120.01 million) through this issue, and should invite bids in the second week of December, the bankers added.

The lender is yet to officially announce the bond issue and did not respond to a Reuters email seeking comment.

The bonds are rated AA+ by rating agencies.

State Bank of India was the last lender to have raised funds through this route in early November, when it raised 100 billion rupees.

This would be the second bond issue in around four months from the bank, and could have a call option at the end of five years and every year thereafter to make it more attractive for investors.

In September, the bank had raised 5.15 billion rupees ($62.03 million) selling Basel III compliant tier-II bonds maturing in 10 years at a 7.98% coupon. This issue has a call option at the end of five years.

($1 = 83.3275 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sonia Cheema)

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