New Delhi: State-owned Bank of Maharashtra on Thursday said it will raise up to ₹3,000 crore equity capital through various modes, including follow-on public offer or preferential issuance of shares.
The decision was taken at the bank's annual general meeting held on June 27, 2019.
A resolution was passed by shareholders for raising of equity capital by follow on public offer/rights issue/qualified institutional placement/preferential issue, aggregating to ₹3,000 crore including share premium, the bank said in a regulatory filing.
The bank said it will also set-off the accumulated losses as of March 31, 2019.
Bank of Maharashtra's net loss ballooned to ₹4,784 crore in fiscal ended March 2019 as compared with ₹1,146 crore in the preceding financial year.