Bank of Maharashtra to raise up to Rs 7,500 cr in FY24

BL Mumbai Bureau Updated - April 20, 2023 at 12:22 PM.

Rs 2,000 crore of the funds to be raised will be via equity issuance, Rs 1,000 crore via QIP in the first quarter, Rs 1,000 crore via QIP/ FPO in the last quarter, and the balance via Tier-I and Tier-II bond issuance

AS Rajeev, Managing Director and CEO, Bank of Maharashtra

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.

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Also read: Bank of Maharashtra launches digitised personal loans

Published on April 20, 2023 06:40
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