Bank of Maharashtra Successfully Raises Rs 1,000 C through QIP with LIC as Major Investor
Bank of Maharashtra, a state-run bank, has concluded its Qualified Institutional Placement (QIP) process, generating Rs 1,000 crore in funds. During the board meeting held on Tuesday, the allotment of 35.1 crore shares to institutional buyers was approved.
The QIP issue price has been set at Rs 28.5 per equity share, representing a 4.94 percent discount compared to the floor price of Rs 29.94 per share set during the QIP launch on June 1.
Leading the institutional bidders who received more than 5 percent of the shares through the QIP is Life Insurance Corporation of India (LIC), acquiring the largest share of the issue.
Bank of Maharashtra successfully raised Rs 1,000 crore through its QIP, with the base size of Rs 500 crore and an additional greenshoe option of Rs 500 crore.
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Apart from LIC, other institutional bidders who secured shares exceeding 5 percent in the QIP include Aditya Birla Sun Life Insurance Co. Ltd., Bajaj Allianz General Insurance Co. Ltd., Rajasthan Global Securities Pvt. Ltd., and Societe Generale – ODI.
Bank of Maharashtra’s shares are currently trading at Rs 30.90, reflecting a 1.7 percent increase. The QIP issue price is also at a 7 percent discount compared to the closing price on Tuesday. Although the stock has remained stable year-to-date, it has experienced a significant surge of nearly 80 percent in the last 12 months.
About Bank of Maharashtra:
Bank of Maharashtra, headquartered in Pune, is a public sector bank in India. As of March 2022, the bank boasted a customer base of 29 million spread throughout the country, served by its 2022 branches.
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