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Business News/ Companies / News/  Bank of Maharashtra to raise funds worth 7,500 cr, board meeting on April 24
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Bank of Maharashtra to raise funds worth ₹7,500 cr, board meeting on April 24

Bank of Maharashtra is considering to raise capital for FY24 via different methods like QIP, FPO, preferential issue, etc. The company's Board of Directors' meeting will be held on April 24 to discuss the issue

Bank of Maharashtra board will consider raising funds worth ₹7,500 crore in FY24Premium
Bank of Maharashtra board will consider raising funds worth 7,500 crore in FY24

Bank of Maharashtra is aiming to raise capital for FY24, up to 7,500 crore through various modes including follow-on-public offer, Qualified Institutional Placement(QIP), preferential issue, etc. The Board of Directors of the bank will discuss the issue in their meeting to be held on April 24, 2023.

The company's scrip has ended 0.81% up at 28.58 on BSE. The bank may also seek to raise capital through the issue of BASEl III or other such securities based on the methods approved in the meeting.

Company's share value has fallen by 6.45 per cent year-to-date. But, its share value jumped by 59.66 per cent last year.

Also Read: State-owned Bank of Maharashtra revises retail FD rates, now promising up to 7% on 200 days tenor

The announcement has come days after the lender claimed of reporting a credit growth of 29.59 per cent at 1.75 lakh crore in the January-March period. In the quarter that ended in March FY23, its total advances and deposits rose by 21.28 per cent to 4.09 lakh crore compared to the same period a year ago.

Also Read: Bank of Maharashtra posted 138% growth in PAT, stock rallies over 4%

The state-owned lender reported a net profit of 775.03 crore in the December quarter of FY23. Its profit increased by 44.9 per cent sequentially in Q3FY23 from 535.06 crore in Q2FY23. The company's revenue increased by 8.2 per cent QoQ to 4129.04 crore in Q3FY23 from 3815.06 crore in Q2FY23. The bank is yet to announce its Q4 results.

Also Read: Q4FY23 just a sneak peak, banks crisis in US, Europe may impact Indian IT firms' first quarter of FY24

“In compliance with Regulation 29 (1) (d) and 50 (1) (d) and other applicable provisions of the SEBI (LODR) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Bank is scheduled on Monday, 24th April 2023 at Pune to consider the proposal of raising Capital for the FY 2023-24 aggregating upto 7,500 Crore through Follow-on Public offer (FPO)/Rights issue/ Qualified Institutional Placement(QIP) / Preferential issue or any other mode or combination of thereof and /or through the issue of BASEL III or such other securities as may be permitted under the applicable laws subject to necessary approvals," the company said in its BSE filing.

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Published: 19 Apr 2023, 10:26 PM IST
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