Bank of Maharashtra to raise Rs 300 crore

Bank of Maharashtra has announced that the Bank has decided to raise capital upto Rs 300 crore, during the current financial year, by issuing Innovative Perpetual Debt Instruments, Upper Tier II and Lower Tier II Debt Instruments to augment the capital funds.

Further the Bank has informed that the Bank have approached the Government of India for capital support by way of preference share capital and the Bank expect to get first tranche of preference share capital of about Rs 500 crore under the recapitalisation scheme of the government during the current year.

The stock was trading at Rs.41.10, up by Rs.0.85 or 2.11%. The stock hit an intraday high of Rs.42.05 and low of Rs.40.50.

The total traded quantity was 197161 compared to 2 week average of 104382.

Source : Equity Bulls

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