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Bank of Maharashtra inches up on fund raising plans

Capital Market  |  Mumbai 

The bank made the announcement after market hours on Monday 24 December 2012. The was closed on Tuesday, 25 December 2012, on account of Christmas.

Meanwhile, the Sensex was up 32.86 points or 0.17% at 19,287.95.

On BSE, 5,375 shares were traded in the counter as against average daily volume of 1.17 lakh shares in the past one quarter.

The stock hit a high of Rs 60.65 and a low of Rs 60.10 so far during the day. The stock had hit a 52-week high of Rs 62 on 20 December 2012. The stock had hit a 52-week low of Rs 37.75 on 29 December 2011.

The stock had outperformed the market over the past one month till 24 December 2012, surging 10.02% compared with the Sensex's 4.04% rise. The scrip had also outperformed the market in past one quarter, jumping 21.65 % as against Sensex's 3.12% gain.

The mid-cap bank has equity capital of Rs 589.59 crore.

Face value per share is Rs 10.

has decided to raise Tier I unsecured, non convertible, subordinated, perpetual bonds (Innovative Perpetual Debt Instruments) in the nature of Promisory Notes up to Rs 350 crore. The bank has also decided to raise unsecured, redeemable, non convertible, subordinated, (Lower Tier II) Bonds in the nature of Promisory Notes up to Rs 1000 crore. The Lower Tier II Bonds are for a period of 120 months. The issue opens today, 26 December 2012 and closes on 29 December 2012. The fund raising is being done to augment the capital adequacy requirements, said in a statement on Monday, 24 December 2012.

Bank of Maharashtra's net profit jumped 65.3% to Rs 166.01 crore on 25.1% growth in total income to Rs 2434.09 crore in Q2 September 2012 over Q2 September 2011.

The Government of India holds 78.95% stake in (as per the shareholding pattern as on 30 September 2012).

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First Published: Wed, December 26 2012. 23:32 IST