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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
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