Bank of Maharashtra to raise up to Rs 7,500 cr in FY24
Maharashtra Bank Making plans for a capital increase of up to Rs. 7,500 crore in the financial year 2024.
The Pune-based public sector bank, in a stock exchange filing, said its board of directors will meet on April 24, 2023, to consider a proposal to raise capital through a follow-up public offer (FPO)/rights issue/qualified institutional placement. (QIP) / preferential issuance or any other method or combination thereof and/or through the issuance of BASEL III or other securities.
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As Rajiv, Managing Director and CEO said of the Rs 7,500 crore to be raised this year, it will be Rs 2,000 crore 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 through the issuance of first and second level bonds. He added that this capital increase will keep the business growing for the next two years.