Bank of Maharashtra has raised Rs 1,000 crore through Qualified Institutional Placement (QIP). The QIP opened on June 1 and closed on June 6, 2023. The board of the bank had approved the issuance of equity shares to Qualified Institutional Investors at the rate of Rs 28.50 per unit (with premium of Rs 18.50 per share).
The QIP was fully subscribed and received a strong response from domestic as well as foreign institutional investors, highlighting a well-diversified representation and demand from across the globe. The capital raised through QIP will not only strengthen capital adequacy ratio of the bank but also support growth. It will also help meet minimum public shareholding (MPS) norms of market regulator Securities and Exchange Board of India.
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.