Bank of Maharashtra seeks EGM nod for issue of shares through Preferential Allotment

Bank of Maharashtra has now announced with reference to the Board Meeting held on Feb 10, 2012, that as approved by Board of Directors, the Bank proposes to issue upto 15,33,25,013 (Fifteen Crore Thirty Three Lakh Twenty Five Thousand Thirteen only) and up to 2,40,85,627 (Two Crore Forty Iakhs Eighty Five Thousand Six Hundred Twenty Seven only) fresh equity shares of Rs. 10/- each to Government of India and Life Insurance Corporation of India respectively at a price of Rs. 56.09/- per equity share by way of Preferential Allotment as per Chapter VII of the SEBI (Issue of Capital & Disclosure Requirements) Regulations 2009. The relevant date for the preferential allotment is February 24, 2012.

The Bank has convened an Extraordinary General Meeting of the shareholders on March 26, 2012, for the purpose of this issue.

The Bank of Maharashtra stock closed the day at Rs.50.85, down by Rs.1.65 or 3.14%. The stock hit an intraday high of Rs.52.90 and low of Rs.49.70.

The total traded quantity was 0.88 lakhs compared to 2 week average of 1.20 lakhs.

Source : Equity Bulls

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