State-Run Bank Of Maharashtra Kicks Off Share Sale

Mumbai: State-run Bank of Maharashtra has launched a share sale to institutions to raise around Rs 300 crore ($47 million) to boost its capital ratios, three sources with direct knowledge of the matter said on Monday.

The sources said there was also a so-called greenshoe option for the bank to raise a further Rs 200 crore if demand is sufficiently strong.

Bank of Maharashtra is selling shares in a price range of Rs 25.55 to Rs 26.10 each, said two of the sources. The stock closed at Rs 26.05 on the National Stock Exchange (NSE) on Monday.

The sources did not want to be named as the information is not public.

Bank of Maharashtra, in a stock exchange filing, said it was launching the share sale, but did not say how much it was looking to raise.

BOB Capital Markets Ltd and Equirus Capital Pvt. Ltd. are managing the share sale.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)