Bank of Maharashtra on Friday (10 July 2020) said that its board has approved raising upto Rs 2,000 crore through equity share issue or additional tier-1 (AT1) bonds.
The bank's board also approved raising Rs 1000 crore through issue of Basel III compliant Tier I/II bonds, subject to regulatory approvals.
Further, the board approved raising Rs 831 crore by issuing equity shares to the Government of India on preferential basis.
The government-owned lender's net profit declined 20.5% to Rs 57.57 crore on 1.2% increase in total income to Rs 3,198.30 crore in Q4 March 2020 over Q4 March 2019.
The Government of India holds 92.49% stake in Bank of Maharashtra (as on 31 March 2020).
The stock was currently down 0.34% to Rs 11.63. It has risen 2.92% from the day's low of Rs 11.30 in mid-morning trade.
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