Bank of Maharashtra hits 52-week high on fund raising plan

The bank made the announcement after market hours on Monday, 7 January 2013.

Meanwhile, the BSE Sensex was down 6.86 points or 0.03% at 19,684.56

On BSE, 1.23 lakh shares were traded in the counter as against average daily volume of 1.21 lakh shares in the past one quarter.

The stock hit a high of Rs 66.20 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 64.10 so far during the day. The stock had hit a 52-week low of Rs 41.60 on 9 January 2012.

The stock had outperformed the market over the past one month till 7 January 2013, rising 11.46% compared with the Sensex's 1.38% gain. The scrip had also outperformed the market in past one quarter, surging 29.31% as against Sensex's 3.98% gain.

The state-run bank has equity capital of Rs 589.59 crore. Face value per share is Rs 10.

Bank of Maharashtra said that its board of directors will meet on Thursday, 10 January 2013 to consider a proposal to raise additional equity share capital up to Rs 200 crore (face value) as follow-on public offer (FPO) and/or on right issue and/or by way of placement of equity shares through qualified institutional placement (QIP) in FY 2013-14.

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 Bank of Maharashtra (as per the shareholding pattern as on 30 September 2012).

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