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The board of directors of Bank of Maharashtra allotted 13.34 crore equity shares at a conversion price of ₹44.09 a share to the Government of India on conversion of perpetual non-cumulative preference shares and 9.07 lakh shares to LIC of India at ₹44.09 a share on preferential basis. Shareholders at the annual general meeting on June 26 had a passed a special resolution to this effect. The stock of Bank of Maharashtra tumbled 4.35 per cent at ₹48.40 on the BSE.
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