Bank of Maharashtra gets Rs 588 crore capital infusion from Government of India

Bank of Maharashtra has announced that the Government of India has sanctioned and released capital infusion of Rs. 588 crore to our Bank in the form of Perpetual Non cumulative Preference Shares (PNCPS) having an annual floating coupon to be benchmarked to Repo Rate with a spread of 100 basis points to be re-adjusted annually based on the prevailing Repo Rate on the relevant date.

The PNCPS will be a part of Tier I Capital.

The Bank has received the above said capital contribution from the Government of India today.

The above capital infusion will strengthen the capital base- CRAR of the Bank and facilitate for business expansion.

The stock was trading at Rs.61, up by Rs.0.65 or 1.08%. The stock hit an intraday high of Rs.62.85 and low of Rs.59.80.

The total traded quantity was 249379 compared to 2 week average of 139755.

Source : Equity Bulls

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