Bank Of Maharashtra To Raise Rs 2000 Crore Via Equity Dilution

Bank of Maharashtra on Friday announced that the public-sector bank has obtained the approval of its shareholder in Friday’s AGM to raise Rs 2000 crore through equity dilution.

The money can be raised by follow-on public offer/rights issue/qualified institutional placement/preferential issue etc, aggregating to Rs 2,000 crore including share premium, the company said in its filling.

Earlier in May, the bank had said that the funds it intends to raise through equity capital will be added to bank’s capital conservation buffer (CCB) as per Basel III requirements and also for annual business growth.

Bank of Maharashtra segments include treasury, corporate/wholesale banking, retail banking and other banking operations. The treasury segment includes investment, balances with banks outside India, interest accrued on investments and related income.

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