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Bank Of Maharastra to fix issue price for Rs 650cr capital infusion on January 2017

Public sector lender Bank of Maharashtra today said it will fix the issue price for the preferential allotment of shares worth Rs 650 crore to the government on January 17.

Public sector lender Bank of Maharashtra today said it will fix the issue price for the preferential allotment of shares worth Rs 650 crore to the government on January 17. (YouTube)

Public sector lender Bank of Maharashtra today said it will fix the issue price for the preferential allotment of shares worth Rs 650 crore to the government on January 17. “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 January 17, 2018, it added further. The government had on October 24 unveiled a Rs 2.11 lakh crore two-year roadmap for strengthening 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 per cent up at Rs 23.05 per unit on BSE.

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