State-owned Bank of Maharashtra will issue over 10 crore shares to the government in exchange of capital infusion of Rs 394 crore. In this regard, an extraordinary general meeting (EGM) will be held on October 6 to offer shares to the government at a price of Rs 37.47 each.
The government in August had announced a capital infusion to the tune of Rs 20,088 crore in 13 public sector banks, including SBI, IDBI, Bank of Baroda and Canara Bank.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.
