Bank of Maharashtra shares may zoom as it launches QIP to raise Rs 3,500 crore

New Delhi: State-owned Bank of Maharashtra shares are in focus on Tuesday after the bank launched a qualified institutional placement (QIP) to raise up to Rs 3,500 crore. The bank set a floor price of Rs 60.37 per share, slightly above Monday's closing price of Rs 59.8.

The bank may offer up to a 5% discount on the floor price. It aims to raise Rs 1,750 crore through the base issue, with an additional Rs 1,750 crore via a greenshoe option, potentially selling up to 61 crore shares (8.6% stake) through the QIP.

The funds raised through this QIP will bolster the bank’s capital base and support its growth objectives across various business segments.

The shares of Bank of Maharashtra were trading 1.17% higher at Rs 60.53, earlier.

The book-running lead managers for the QIP are Motilal Oswal (MOSL) and others, according to sources. The bank’s move to initiate this capital-raising strategy is aimed at enhancing its financial position.