Bank of Maharashtra board to mull fund raising on April 29

The board of the state-run bank will consider raising funds through issue of equity and/or debt securities on Thursday, 29 April 2021.

"The board of directors of the bank will consider the proposal of raising of capital through follow-on public offer (FPO) / Rights issue / qualified institutional placement (QIP) issue, preferential issue or any other mode or combination thereof and / or through issue of BASEL III bonds or such other securities as may be permitted under applicable laws etc., subject to the necessary approvals," the bank said in a statement.

On the same day, the bank's board will also consider the financial results for the quarter and the year ended on 31 March 2021.

 

Bank of Maharashtra is a public sector bank in India. The Government of India held 93.33% stake in Bank of Maharashtra as on 31 March 2021.

The bank's net profit jumped 13.90% to Rs 154.07 crore on a 3.4% rise in total income to Rs 3,577 crore in Q3 FY21 over Q3 FY20.

The scrip shed 0.64% to currently trade at Rs 23.25 on the BSE.

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