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Bank to Maharashtra to get Rs 394 crore as capital infusion

Bank of Maharashtra

New Delhi:  State-owned Bank of Maharashtra today said the bank will issue over 10 crore shares to the government in exchange of capital infusion of Rs 394 crore.

It said an extraordinary general meeting (EGM) will be held on October 6 to offer shares to the government at a price of Rs 37.47 each.

“… Consent of the shareholders is hereby accorded to the board of directors of the bank to create, offer, issue and allot 10,51,50,787 shares of Rs 10 each for cash at a price of Rs 37.47 per share (including premium) aggregating Rs 394 crore on preferential basis to the government of India,” it said in a filing to BSE.

The government in August had announced a capital infusion to the tune of Rs 20,088 crore in 13 public sector banks, including SBI, IDBI, Bank of Baroda and Canara Bank.

As part of the plan, State Bank of India will get Rs 5,531 crore and Bank of India Rs 2,455 crore. The stock of Bank of Maharashtra closed at Rs 33.80 on BSE, down 0.73 per cent.

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