Money & Banking

Bank of Maharashtra raises ₹403cr via QIP

Our Bureau Mumbai | Updated on July 17, 2021

BoM had allotted 73.60 crore equity shares of ₹10 each

Bank of Maharashtra (BoM) has raised ₹403.70 crore via qualified institutions placement (QIP) issue of equity shares.

The public sector bank’s issue committee on Friday approved closure of the QIP issue of equity shares following receipt of application forms for an aggregate of ₹17.03 crore fully paid up equity shares of the bank and funds amounting to ₹403.70 crore in the escrow account from eligible qualified institutional buyers.

Also read: Bank of Maharashtra signs MoU with NABARD

The committee also determined and approved the issue price of ₹23.70 per equity share (including a premium of ₹13.70 per equity share).

The issue price is at a discount of 4.78 per cent (₹1.19 per equity share) to the floor price of ₹24.89 per equity share, BoM said in a regulatory filing. The bank’s QIP issue had opened on July 13.

BoM had allotted 73.60 crore equity shares of ₹10 each to the government of India at an issue price of ₹11.29 per equity share on August 25, 2020, against capital infusion of ₹831 crore. It also raised Tier II capital of ₹505.70 crore in FY21.

Published on July 16, 2021

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