Bank of Maharashtra surges on getting nod to raise equity capital up to Rs 1,062 crore

Bank Of Maharashtra | Bank - Public | BFSI | BSE: 532525 | NSE: MAHABANK

24 Dec 2012 Evaluate

Bank Of Maharashtra is currently trading at Rs 60.65, up by 1.00 points or 1.68% from its previous closing of Rs 59.65 on the BSE.

The scrip opened at Rs 60.70 and has touched a high and low of Rs 61.00 and Rs 60.30 respectively. So far 10865 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 62.00 on 20-Dec-2012 and a 52 week low of Rs 37.75 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs 62.00 and Rs 57.70 respectively. The current market cap of the company is Rs 3516.92 crore.

The promoters holding in the company stood at 78.95% while Institutions and Non-Institutions held 11.82% and 9.23% respectively.

Bank of Maharashtra has received an approval to raise equity capital up to Rs 1,062 crore by way of issue of equity shares to Government of India and/or to Qualified Institutional Buyers on preferential allotment basis or by way of issue of equity shares by right issue. The board at its meeting held on December 22, 2012 has approved for the same.

The board has further authorized the Chairman and Managing Director or in his absence the Executive Director to convene Extraordinary General Meeting of shareholders and to fix relevant date for the purpose of determining the issue price, as per relevant regulations and to take such other actions as required in the matter.