Bank of Maharashtra to fix issue price for Rs650 crore capital infusion on 17 January
Bank of Maharashtra’s board of directors has approved the proposal of raising of equity capital up to Rs650 crore by way of preferential allotment in favour of the government
New Delhi: Public sector lender Bank of Maharashtra on Wednesday said it will fix the issue price for the preferential allotment of shares worth Rs650 crore to the government on 17 January.
“Board of directors of the bank at its meeting held on January 3, 2018 considered and approved the proposal of raising of equity capital up to Rs 650 crore by way of preferential allotment in favour of government,” it said in a regulatory filing.
The relevant date for ascertaining the issue price is fixed as 17 January 2018, it added further. The government had on 24 October unveiled a Rs2.11 trillion two-year roadmap for strengthening non-performing assets (NPA)-hit public sector banks, which includes re-capitalisation bonds, budgetary support and equity dilution.
A number of public sector banks have informed the exchanges about the capital infusion from the government in lieu of preferential shares allotment. Shares of the bank closed 0.22% up at Rs23.05 per unit on BSE.
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