Bank of Maharashtra raised $500 million through its first-ever international bond issuance. The five-year, senior unsecured fixed-rate notes carry a coupon of 6.112%.
The bank priced the offering at a spread of 130 basis points over U.S. Treasuries. This final pricing was 25 basis points tighter than the initial guidance.
International investors oversubscribed the order book by nearly three times. The issuance is part of the bank's $500 million medium-term note program.
Proceeds will fund business growth and general corporate purposes. The successful debut diversifies the bank's funding sources and reflects strong global investor confidence.