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In the run-up to raising capital, the Board of Directors of Pune-headquartered Bank of Maharashtra has approved utilisation of the ₹5,294-crore balance available in the bank’s share premium account to set off the accumulated losses aggregating ₹2,544 crore.
The public sector bank’s board approved raising capital aggregating ₹3,000 crore (including share premium) by way of preferential allotment or qualified institutional placement/further public offer/rights issue, and ₹1,000 crore by way of issue of Tier-II bonds, or such other securities as per the applicable Acts/ regulations/ guidelines in this regard at an appropriate time, subject to necessary approval.
The bank reported a lower net loss of ₹113.51 crore in the fourth quarter ended March 31, 2018, against ₹455.45 crore in the year-ago period.
In the year ended March 31, 2018, too, the net loss was lower at ₹1,145.65 crore, against ₹1,372.51 crore in the preceding year.
In the reporting quarter, net interest income (difference between interest earned and interest expended) was up 15 per cent at ₹881 crore (₹763 crore in the year-ago period). Other income nudged up 5 per cent at ₹402 crore (₹384 crore).
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