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Tuesday, October 6, 2015

Bank of Maharashtra to raise Rs. 394 cr via pref shares to Govt

Bank of Maharashtra today said it has received shareholders’ approval to raise Rs. 394 crore by issuing 10.51 crore equity shares on preferential basis to the government.

“We have obtained the approval of shareholders for raising equity capital of the bank through preferential issue of 10,51,50,787 equity shares of the face value of Rs. 10 each at an issue price of Rs. 37.47 per share, including premium of Rs. 27.47 per share to the government aggregating to Rs. 394 crore,” the bank said in a statement.

The approval was given at the extraordinary general meeting of the shareholders of the bank today.

Post this issuance, the government’s holding in the bank would increase to 81.61 per cent from the existing 79.80 per cent.

Last week, eight public sector banks, including SBI, Punjab National Bank and Bank of Baroda, had allotted equity shares on preferential basis to the government against capital infusion of Rs. 13,955 crore.

Source : Thehindubusinessline


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