Bank of Maharashtra raises Rs 1,000 crore via QIP 
News Updates

Bank of Maharashtra raises Rs 1,000 crore via QIP

Bank of Maharashtra has raised Rs 1,000 crore through Qualified Institutional Placement (QIP)

PTI

New Delhi: State-owned Bank of Maharashtra (BoM) on Wednesday said that it has raised Rs 1,000 crore through Qualified Institutional Placement (QIP). The QIP opened on June 1 and closed on June 6. The board of the bank had approved the issuance of equity shares to Qualified Institutional Investors at the rate of Rs 28.5 per unit (with premium of Rs 18.5 per share), BoM said in a statement.

QIP was fully subscribed & received strong response from investors

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 the capital adequacy ratio of the bank but also support growth, it said. It will also help meet minimum public shareholding (MPS) norms of market regulator Sebi.

Listed entities are required to have at least 25% public shareholding

As per Sebi norms, listed entities are required to have at least 25 percent public shareholding. Currently, the government of India holds a 90.97 percent stake in the bank. The QIP will help bring down the government holding in the bank.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Govt appoints Asheesh Pandey as MD of Union Bank, Kalyan Kumar as head of Central Bank of India

Konkan Railway, HCC join hands to execute largescale transport projects in India, overseas

REC arm hands over Rajgarh Neemuch Power transmission SPV to GR Infraprojects

Air Marshal Bharti urges complete Indigenisation in defence manufacturing at Aero Tech India 2025

Indian economy to grow at 6.5% in FY26; US tariffs to weigh on exports: ADB