BoM to raise up to Rs 1,000 cr from share sale in Q4: MD

New Delhi: State-owned Bank of Maharashtra (BoM) on Monday said that it proposes to raise up to Rs 1,000 crore from qualified institutions placement (QIP) in the January-March quarter to meet minimum public shareholding (MPS) norms of market regulator SEBI. "The bank has initiated the process to meet the norms of Securities and Exchange Board of India (SEBI)," said A S Rajeev, MD.

Bank of Maharashtra Q3 profit jumps to Rs 775 cr

QIP to be in between Rs 500 & Rs 1,000

"It will be done in piecemeal manner and we are looking at QIP between Rs 500 and Rs 1,000 crore in the current quarter," he said. He also added that other means would be explored for dilution of the government's stake.

He said, "the government of India holds 90.97 percent in the bank and the holding is expected to come down to around 85 percent following share sale." As per the SEBI norms, listed entities are required to have at least 25 percent public shareholding.

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