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Jun 16, 2017 10:40 PM IST | Source: PTI

Maharashtra Bank gets nod to raise Rs 2,000 cr via equity dilution

Public sector Bank of Maharashtra said it has obtained approval of shareholders in today's AGM to raise Rs 2,000 crore through equity dilution.

Maharashtra Bank gets nod to raise Rs 2,000 cr via equity dilution

Public sector Bank of Maharashtra said it has obtained approval of shareholders in today's AGM to raise Rs 2,000 crore through equity dilution.

At the annual general meeting (AGM) held today, the resolution was passed for raising of equity capital, the bank said in a regulatory filing.

The money can be raised by follow-on public offer/rights issue/qualified institutional placement/preferential issue etc aggregating to Rs 2,000 crore including share premium, it said.

Earlier in May, the bank had said that the funds it intends to raise through equity capital will be added to bank's capital conservation buffer (CCB) as per Basel III requirements and also for annual business growth.

Bank of Maharashtra stock closed 2.65 per cent up at Rs 30.95 on BSE.
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