Bank of Maharashtra launches Rs300 crore institutional share sale
Mumbai: Bank of Maharashtra has launched a share sale to institutions to raise around Rs300 crore ($47 million) to boost its capital ratios, three people with direct knowledge of the matter said on Monday.
The people said there was also a so-called greenshoe option for the bank to raise a further Rs200 crore if demand is sufficiently strong.
Bank of Maharashtra is selling shares in a price range of Rs25.55 to Rs26.10 each, said two of the people. The stock closed at Rs26.05 on the National Stock Exchange (NSE) on Monday.
The people did not want to be named as the information is not public.
Bank of Maharashtra, in a stock exchange filing, said it was launching the share sale, but did not say how much it was looking to raise.
BOB Capital Markets Ltd and Equirus Capital Pvt. Ltd are managing the share sale. Reuters