Bank of Maharashtra is all set to divest its entire stake of 4% in India SME Asset Reconstruction Company for nearly Rs 4 crore. The bank has executed a share purchase agreement on April 6, 2022, for the sale of the entire equity stake. The bank's 4 percent stake, equivalent to 40,00,000 equity shares, will be sold at Rs 9.80 per share. The transaction is expected to be completed by the end of December 2022.
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.