Next round of capital raise to reduce govt holding below 75%: BoM MD
Bank of Maharashtra (BoM) on Thursday said the next round of capital raise is expected to bring down the government holding in the state-owned bank below 75 per cent, a top bank official said.
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With the dilution of government holding below 75 per cent, the bank would meet Sebi's minimum public shareholding (MPS) norms.
At present, the Government of India's holding in the Pune-based bank is 79.6 per cent. It came down from 86.46 per cent at the end of September with a capital raise of Rs 3,500 crore through Qualified Institutional Placements (QIP) on October 5, 2024.
«Going forward, the bank has plans to raise further capital to meet minimum public shareholding norms. Hopefully, the next tranche of QIP or other mode that would be decided at an appropriate time, the bank will meet the regulatory requirement,» BoM Managing Director and Chief Executive Officer Nidhu Saxena said during a media interaction.
On the timeline for capital raise, he said this quarter looks slightly difficult as just two-and-a-half months are left in this fiscal.
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