Bank Of Maharashtra Receives Approval To Raise Rs 5,000 Crore Equity Capital
Share price of Bank of Maharashtra edged higher by around one per cent on Friday, June 25, after receiving the approval of its shareholders to raise up to Rs 5,000 crore equity capital through diverse modes. On Friday, the Bank of Maharashtra opened on the BSE at Rs 25.70, inching to an intra high of Rs 25.95 and intra day low of Rs 25.05, in the trading session so far.Â
The bank received the approval to raise the equity capital through various means, including rights issue and preference issue, according to a regulatory filing by the bank to the stock exchanges.
The shareholders approved the proposal at the Bank of Maharashtra's annual general meeting held on Thursday, June 24, 2021, through audio-visual mode. The raising of equity capital through different modes includes rights issue, FP0, QIP, or preferential issue, according to its statement.
The bank was declared the top performer among public sector lenders in terms of retail and MSME loan growth during the financial year 2020-21.
On the NSE, Bank of Maharashtra opened at Rs 25.25, registered an intra day high of Rs 25.95, and an intra day low of Rs 25.05, in the session so far, It was last trading 0.40 per cent higher at Rs 25.20 on the NSE. The bank has the largest network of branches by any state-owned bank in Mahrashtra.
In the January-March quarter of the financial year 2020-21, Bank of Maharashtra reported a net profit of Rs 165 crore, compared to a profit of Rs 58 crore in the corresponding quarter last year. The net interest income of the public-sector bank increased 35 per cent year-on-year to Rs 1,383 crore. The bank's non-net interest income, involving trading income, other income, etc jumped 215 per cent to Rs 1,235 crore.
Shares of Bank of Maharashtra were last trading 0.40 per cent higher at Rs 25.20 on the BSE.
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