Bank of Maharashtra Board approves conversion of PNCPS to equity shares

The Board of Directors of Bank of Maharashtra at its meeting held on May 13, 2014, has decided to convert Perpetual Non Cumulative Preference Shares into equity shares.

The Government of India vide their communication dated April 16, 2014 conveyed their approval for conversion of Perpetual Non Cumulative Preference Shares (PNCPS) held by the Government of India to the tune of Rs. 588 Crore into equity shares in favour of Govt of India.

Accordingly, the Board has approved the proposal to convert the (PNCPS) of Rs. 588 Crore held by Government of India into equity shares on Preferential basis to Government of India at a price to be determined in accordance with Regulation 76(1) of SEBI (ICDR Regulations 2009, subject to the approval of the shareholders.

The Board also approved the proposal of raising equity capital by issuing additional equity shares to LIC of India or other Financial Institutions, on Preferential basis at a price to be determined in accordance with Regulation 76(1) of SEBI (ICDR) Regulations 2009, subject to the approval of the shareholders.

The Board has approved the proposal to fill the vacancy of Shareholder Director on the Board, by election in the Eleventh Annual General Meeting of Shareholders.

All these subject matters will be placed before the shareholders in the ensuing Annual General Meeting for requisite approval.

Shares of BANK OF MAHARASHTRA was last trading in BSE at Rs.38.8 as compared to the previous close of Rs. 37.8. The total number of shares traded during the day was 896070 in over 10160 trades.

The stock hit an intraday high of Rs. 41.25 and intraday low of 38.2. The net turnover during the day was Rs. 35216843.

Source : Equity Bulls

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