Bank of Maharashtra approves raising Rs.200 crore

The Board of Directors of Bank of Maharashtra at its meeting held on January 10, 2013, has approved raising of equity share capital upto Rs. 200 crore (face value) as follow on public offer (FPO) and/or on right issue and/or by way of placement of equity shares through qualified institutional placement (QIP) in FY 2013-14 and has further authorised the Chairman and Managing Director or in his absence the Executive Director to convene Extraordinary General Meeting of shareholders and to decide the reference date/ relevant date for the purpose of determining the issue price/price band, as per relevant regulations and to take such other actions as may be required in the matter.

The stock was trading at Rs.63, down by Rs.0.70 or 1.10%. The stock hit an intraday high of Rs.64.55 and low of Rs.62.75.

The total traded quantity was 0.46 lakhs compared to 2 week average of 0.96 lakhs.

Source : Equity Bulls

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