Board of Bank of Maharashtra approves raising of capital

At meeting held on 10 July 2020

The Board of Bank of Maharashtra at its meeting held on 10 July 2020 has approved the following -

Raising of capital in aggregate up to Rs 2000 crore by way of preferential allotment to Govt. of India / FI/ others and/ or by way of QIP issue/ FPO / rights issue and/or ATI Bonds and Rs 1000 crore by way of issue of Basel III compliant Tier I/II bond or such other securities at an appropriate time, subject to necessary approvals/ permissions.

Issue of equity shares of Bank to Govt. of India for an amount aggregating to Rs 831 crore (including premium) on preferential basis.

Set off accumulated losses of the Bank as of 31 March 2020 against the balance available in the share premium and special reserves account of the Bank as on the date of set off as to present a true and fair value of the financial position of the Bank and to take the same into account during the current financial year 2020-21 subject to necessary approvals/ permissions.

Powered by Capital Market - Live News