Bank of Maharashtra raises Rs 1,000 crore through QIP route

Bank of Maharashtra has raised Rs 1,000 crore through Qualified Institutional Placement (QIP). The QIP opened on June 1 and closed on June 6, 2023. The board of the bank had approved the issuance of equity shares to Qualified Institutional Investors at the rate of Rs 28.50 per unit (with a premium of Rs 18.50 per share).

The QIP was fully subscribed and received a strong response from domestic as well as foreign institutional investors, highlighting a well-diversified representation and demand from across the globe. The capital raised through QIP will not only strengthen the capital adequacy ratio of the bank but also support growth. It will also help meet minimum public shareholding (MPS) norms of the market regulator Securities and Exchange Board of India.

Established in 1935, the Bank of Maharashtra (BoM) is a public sector bank that provides retail banking, corporate/wholesale banking, priority sector banking, treasury operations, and other financial services. The Government of India (GoI) nationalized BoM and 14 other large commercial banks in 1969. The bank is based in Pune and has 2128 branches across India.

On Thursday, the shares of Bank of Maharashtra closed at Rs 30.34, down by 1.24% from its previous closing of Rs 30.72 on the BSE.

Today, the stock opened at Rs 30.86 and touched a high and low of Rs 31.10 and Rs 30.25 respectively.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high and low of Rs 36.25 and Rs 15, respectively.

Last one week high and low of the scrip stood at Rs 32.43 and Rs 30.10 respectively. The current market cap of the company is Rs 21952.26 crore.

The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.59% and 5.44% respectively.