Bank of Maharashtra at 2-year high on fund raising plans

The board will meet on January 10, to consider the proposal to raise additional equity share capital up to Rs 200 crore via FPO/Rights Issue/QIP.

Bank of Maharashtra is trading higher by 3% at Rs 65.90 after the public sector bank announced fund raising plans up to Rs 200 crore through issue of equity shares.

“The board of directors of the bank will meet on January 10, 2013 to consider the proposal to raise additional equity share capital up to Rs 200 crore 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 said in a statement.

The stock opened at Rs 65 and hit a two-year high of Rs 66.20 on the BSE. As many as a combined 335,415 shares have already changed hands on the counter in morning deals against an average around 350,000 shares that were traded daily on both the exchanges.