homebusiness Newscompanies NewsBank of Maharashtra likely to raise up to Rs 1,000 crore via QIP: Exclusive
Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP: Exclusive
Bank of Maharashtra is yet to respond to CNBC-TV18's queries.
Bank of Maharashtra is planning to raise upto Rs 1,000 crore from institutional investors as the public sector lender may soon launch a qualified institutional placement (QIP), sources with knowledge of the matter told CNBC-TV18.
With a base size of Rs 500 crore, the size could be scaled higher using a greenshoe option of another Rs 500 crore, sources said.
The sources further said that the lender may offer a discount of nearly 5 percent to institutional investors for the QIP.
Bank of Maharashtra is yet to respond to CNBC-TV18's queries.
The public sector bank posted a strong 135 percent rise in net profit to Rs 840 crore for the quarter that ended on March 31, 2023, compared to Rs 355.2 crore in the corresponding quarter of last year.
Bank of Maharashtra’s net interest income (NII) also witnessed healthy growth during the final quarter of the fiscal year 2022-23, increasing by more than 35 percent to Rs 2,187 crore from Rs 1,612 crore in the year-ago period.
Shares of Bank of Maharashtra are trading with gains of 3 percent at Rs 31.25. The stock has risen 2.5 percent year-to-date, while it has risen 77 percent over the last 12 months.
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