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Bank of Maharashtra (BoM), on Wednesday, said it has raised ₹1,000 crore through Qualified Institutional Placement (QIP) of equity shares with a host of investors, including Life Insurance Corporation of India (LIC) and Societe Generale.
The QIP issue, which opened on June 1 and closed on June 6, comprised base issue of ₹500 crore and green-shoe option of ₹500 crore.
The issue committee of the Board of Directors of the Pune-headquartered public sector bank had approved an issue price of ₹28.50 per equity share (including a premium of ₹18.50 to the face value of ₹10 per equity share), per the bank’s regulatory filing on June 6th.
Also read: Bank of Maharashtra top performer in NPA management during FY23
The issue price is at a discount of 4.94 per cent (that is ₹1.48 per equity share) to the floor price of ₹29.98 per equity share.
Issue fully subscribed
The investors who have been allotted more than 5 per cent of the equity shares offered in the QIP are: LIC (23.77 per cent of the issue size), Aditya Birla Sun Life Insurance Corporation (12.84 per cent), Bajaj Allianz General Insurance Compamy (10.46 per cent), Rajasthan Global Securities Pvt Ltd (7.13 per cent) and Societe Generale-ODI (6.41 per cent), per the regulatory filing.
“The QIP was fully subscribed and received a strong response from domestic as well as foreign institutional investors…The capital raised through QIP will not only strengthen capital adequacy ratio of the bank, but also support growth,” the bank said in a statement.
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