The Hindu Business Line : Bank of Maharashtra `de-materialisation' process progressing

BANK of Maharashtra has identified investor problems faced after its recent issue and made a full audit of issue-related transactions by the registrar. Mr S.C. Basu, Chairman and Managing Director, told newspersons that some one lakh investors had wrongly been issued shares in physical form.

"However, the letter to the investors from the issue registrar, MCS Ltd, informing them of dematerialisation without cost at the earliest has fetched a good response and the figure is coming down. We have been informed that already, around 16,000 shares have been dematerialised till last weekend," he added. The dematerialisation should take not more than 48 hours after the receipt of the formal response from the investorsAccording to Mr Basu, the bank was informed by the registrar that all the investors who had received physical shares had been communicated regarding the offer for the correction.

"However, if it is found that a large number of investors have missed the offer, we will certainly look into it. As of now, the process is progressing well."

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