Bank of Maharashtra gains on raising Rs 1,000 crore through QIP
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Bank of Maharashtra is currently trading at Rs. 30.75, up by 0.03 points or 0.10% from its previous closing of Rs. 30.72 on the BSE.
The scrip opened at Rs. 30.86 and has touched a high and low of Rs. 31.10 and Rs. 30.70 respectively. So far 285574 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 36.25 on 15-Dec-2022 and a 52 week low of Rs. 15.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 32.43 and Rs. 30.10 respectively. The current market cap of the company is Rs. 21952.26 crore.
The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.59% and 5.44% respectively.
Bank of Maharashtra has raised Rs 1,000 crore through Qualified Institutional Placement (QIP). The QIP opened on June 1 and closed on June 6, 2023. The board of the bank had approved the issuance of equity shares to Qualified Institutional Investors at the rate of Rs 28.50 per unit (with premium of Rs 18.50 per share).
The QIP was fully subscribed and received a strong response from domestic as well as foreign institutional investors, highlighting a well-diversified representation and demand from across the globe. The capital raised through QIP will not only strengthen capital adequacy ratio of the bank but also support growth. It will also help meet minimum public shareholding (MPS) norms of market regulator Securities and Exchange Board of India.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.
