Linklaters has advised the arranger and dealers on Bank of Maharashtra’s establishment of its US$500m Medium Term Note (MTN) Programme and the issuance of US$500m 6.112% senior unsecured fixed-rate notes due 2031 under the programme. The transaction marks the bank’s debut issuance in the international debt capital markets.
Bank of Maharashtra is a leading Indian public sector bank, offering banking and financial services to retail, corporate and institutional customers.
The notes were issued through Bank of Maharashtra’s IFSC Banking Unit in GIFT City pursuant to Regulation S of the US Securities Act of 1933 and are listed on the India International Exchange and NSE IFSC Limited.
The Linklaters team was led by partner and Head of India Practice Amit Singh and capital markets partner Xunming Lim, with support from Alwyn Loy, Ashley Loh and Thalia Sheriff-Horner.
Partner and Head of India Practice Amit Singh commented:
“The successful establishment and full drawdown of Bank of Maharashtra’s US$500m programme demonstrate how GIFT City is creating new avenues for Indian financial institutions to build a broader and more flexible international funding base. Congratulations to everyone involved in this landmark transaction.”
With more than 50 years of on-the-ground experience in Asia, Linklaters has an established track record of advising on India-related capital markets transactions, including international bond offerings by Indian financial institutions and leading equity offerings across diverse sectors.
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