Bank of Maharashtra to raise Rs 2K-cr via FPO/rights issue

Bank of Maharashtra plans to raise up to Rs 2,000 crore through various means including rights issue and follow-on public offer.
The board of directors of the Pune-based public sector lender during a meeting held today approved the proposal.
"Board of directors at its meeting held today approved to raise equity capital in aggregate up to Rs 2,000 crore by way of preferential allotment or by way of qualified institutional placement/follow on public offer/rights issue," it said in a regulatory filing.
The government had infused Rs 300 crore into the bank through a preferential allotment of equity shares during March quarter of 2016-17.

This amount will be added as bank's common equity tier.
Maharashtra Bank stock closed 0.92 per cent down at Rs 37.50 on BSE.