The shareholders of Bank of Maharashtra at an Extraordinary General Meeting (EGM) on Tuesday approved the bank’s proposal for capital infusion of Rs. 394 crore by the Government of India.
Equity capital will be raised through preferential issue of 105150787 equity shares of the face value of Rs. 10 each at an issue price of Rs. 33.47 per share including premium of Rs. 27.47 per share to the Government of India, Bank of Maharashtra said on Tuesday.
The share holding of Government of India in Bank of Maharashtra will now increase to 81.61 percent from the existing 79.80 percent after the issue and allotment of equity shares.
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