Bank of Maharashtra’s chief executive officer and managing director Nidhu Saxena is confident that the lender will meet the minimum public shareholding norms after the second tranche of qualified institutional placement (QIP) in the next financial year.
The lender is expected to do a QIP in the FY26 of Rs 2,500 crore, Saxena told Moneycontrol on January 16.
“Considering our growth prospects in the bank, we will do a second tranche of QIP in FY26 and after this we are confident that we will meet minimum public shareholding norms,” Saxena said during a press call.
The Securities and Exchange Board of India (Sebi) requires all listed companies to maintain a minimum public shareholding of 25 percent.
The deadline for all public sector undertakings to adhere to the norm was August 1, 2024 but the government extended it to August 1, 2026.
On October 5, Bank of Maharashtra approved the issuance and allotment of 61,01,81,311 equity shares to qualified institutional buyers (QIBs) at Rs 57.36 a share, including a premium of Rs 47.36 apiece. This is against a floor price of Rs 60.37 a share, aggregating to approximately Rs 3500 crore.
After the QIP, the government stake in the bank fell to 79.6 percent at the end of the December quarter.
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