Bank of Maharashtra is planning to raise up to Rs 2,000 crore through qualified institutional placement (QIP) route before July-end. The process has already started. The base size of the issue is Rs 1,000 crore and it has a greenshoe option of another Rs 1,000 crore. Following this equity raise, the government's holding in the bank will reduce to below 85 per cent from 94 per cent currently, and the capital adequacy ratio will improve to 17-18 per cent from around 14.49 per cent as of March 31, 2021.
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.
