State-owned Bank of Maharashtra (BoM) today said its shareholders have approved raising capital up to Rs 995.10 crore through a preferential issue of shares to the government and the Life Insurance Corporation.
The shareholders at the general meeting approved issuance of shares to the government and LIC on preferential basis at Rs 56.09 apiece, BoM said in a filing to the Bombay Stock Exchange (BSE).
Following this, the government will pick up shares up to Rs 860 crore and LIC up to Rs 135.10 crore aggregating to Rs 995.10 crore, it said.
Last fiscal, the bank got capital support of Rs 588 crore from the government.
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