Comments
Bank of Maharashtra has drawn up capital raising plans aggregating up to Rs 7,500 crore in FY2024.
The Pune-headquartered public sector bank, in an exchange filing, said its board of directors will meet on April 24, 2023, to consider a proposal for raising capital through a Follow-on Public offer (FPO) /Rights issue/ Qualified Institutional Placement (QIP)/ Preferential issue or any other mode or combination thereof and /or through issue of BASEL III or such other securities.
Also read: Bank of Maharashtra ups MCLR by 10 bps
AS Rajeev, MD & CEO, said of the Rs 7,500 crore to be raised this year, Rs 2,000 crore will be via equity issuance, Rs 1,000 crore via QIP in the first quarter, and Rs 1,000 crore via QIP/ FPO in the last quarter, and the balance via Tier-I and Tier-II bond issuance. This capital raise will sustain business growth for the next two years, he added.
Also read: Bank of Maharashtra launches digitised personal loans
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.