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Bank of Maharashtra raises ₹403cr via QIP

Financial institution of Maharashtra (BoM) has raised ₹403.70 crore by way of certified establishments placement (QIP) problem of fairness shares.

The general public sector financial institution’s problem committee on Friday accredited closure of the QIP problem of fairness shares following receipt of utility varieties for an mixture of ₹17.03 crore absolutely paid up fairness shares of the financial institution and funds amounting to ₹403.70 crore within the escrow account from eligible certified institutional consumers.

Additionally learn: Bank of Maharashtra signs MoU with NABARD

The committee additionally decided and accredited the problem value of ₹23.70 per fairness share (together with a premium of ₹13.70 per fairness share).

The problem value is at a reduction of 4.78 per cent (₹1.19 per fairness share) to the ground value of ₹24.89 per fairness share, BoM stated in a regulatory submitting. The financial institution’s QIP problem had opened on July 13.

BoM had allotted 73.60 crore fairness shares of ₹10 every to the federal government of India at a difficulty value of ₹11.29 per fairness share on August 25, 2020, towards capital infusion of ₹831 crore. It additionally raised Tier II capital of ₹505.70 crore in FY21.

https://www.thehindubusinessline.com/money-and-banking/bank-of-maharashtra-raises-403cr-via-qip/article35367883.ece

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