Government of India to infuse Rs.800 crore in Bank of Maharashtra

In terms of communication dated October 22, 2013 from Government of India, Ministry of Finance conveying its decision to infuse capital funds to the tune of Rs. 800 Crore in Bank of Maharashtra by way of Preferential Allotment, the Board, in its meeting held on October 29, 2013 decided to raise additional equity capital upto Rs 800 Crore (including premium) by way of Preferential Allotment.

It is decided to initiate necessary steps to raise the capital by creating, offering, issuing and allotting such number of equity shares of Rs. 10/- each for cash at such price as may be determined by the Board in accordance with SEBl (lCDR)Regulations 2009 and aggregating to Rs. 800 Crore (including premium) on Preferential basis to Govt. of India.

Shares of Bank of Maharashtra was last trading in BSE at Rs.40.50, up by Rs.0.85 or 2.14%. The stock hit an intraday high of Rs.41.45 and low of Rs.39.65.

The total traded quantity was 3.55 lakhs as compared to 2 week average of 1.64 lakhs.

Source : Equity Bulls

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