Bank of Maharashtra's Rs 230 crore initial public offer is scheduled to open on February 25. The proceeds from the IPO would be used for both organic and inorganic expansion. | |
| "We will expand in areas where there is business potential," the bank's chairman and managing director S C Basu said at a press conference here. |
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| Bank of Maharashtra has also kept options open for acquiring other banks in the near future. |
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| The bank proposes to increase its customer base to 10 million from 6.7 million over the next three years. |
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| The bank is offering 10 crore equity shares, with a face value of Rs 10, at a premium of Rs 13 each. The issue is scheduled to close on March 4. |
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| The entire pre-issue capital of the bank, amounting to Rs 330.52 crore, is subscribed by the government. Following the IPO, the Centre's holding will reduce to 76.77 per cent. |
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| The government has given its consent to lock in 20 per cent of the post-issue capital for three years from the date of allotment and the balance pre-issue share capital for one year. |
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| A minimum 50 per cent of the allotment would be made to retail investors who apply for shares with a value of Rs 50,000 or less. |
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| The percentage of allotment to retail investors can, however, be increased later. |
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