Govt infuses equity capital of Rs 831 cr in Bank of Maharashtra

State-owned Bank of Maharashtra on Tuesday said it has raised Rs 831 crore by issuing shares to the government on preferential basis.

State-owned Bank of Maharashtra on Tuesday said it has raised Rs 831 crore by issuing shares to the government on preferential basis. Consequent to the receipt of necessary approvals, the bank on Tuesday issued and allotted 73,60,49,601 equity shares for cash at an issue price of Rs 11.29 per scrip to the Government of India, aggregating to Rs 831 crore, on preferential basis, it said in a regulatory filing.

"With this allotment, government holding has increased from 92.49 per cent to 93.33 per cent," the Pune-headquartered lender said. Stock of the bank closed at Rs 14.76 on BSE, up 4.76 per cent.