The Centre will sell up to 6% stake in the state-run Bank of Maharashtra to raise about Rs 2,492 crore through an offer for sale (OFS) at a floor price of Rs 54/share on Tuesday-Wednesday.
What did the public asset management secretary say?
“Offer for Sale in Bank of Maharashtra (BOM) opens tomorrow for non-retail investors. Retail investors can bid on Wednesday. The government offers to disinvest 5% equity in the bank with an additional 1% as a green shoe option,” the department of investment and public asset management secretary said in a post on ‘X’.
Discounted OFS floor price
The floor price of Rs 54/share for the OFS is at a discount of 6.3% to the Monday’s closing price of Rs 57.66 on the BSE.
The OFS in Bank of Maharashtra is part of the government effort to make it compliant with the minimum public shareholding norm of 25%.
Currently, the public holding in the bank is 20.4%.
