Bank of Maharashtra allots shares to Govt. of India and LIC of India & its Schemes

Pursuant to the Special Resolution passed by the shareholders at the Annual General Meeting held on June 26, 2014, the Board of Directors of Bank of Maharashtra, on July 11, 2014 has made the allotment of 13,33,63,574 equity shares of Rs. 10/- each for cash at conversion price of Rs. 44.09 per share including premium of Rs 34.09 per share aggregating to Rs. 587,99,99,977.66 on conversion of PNCPS of Rs. 588 Crore held by Govt. of India, on Preferential basis to Government of India.

The Bank has also allotted 9,07,23,520 equity shares of Rs. 10/- each for cash @ Rs. 44.09 per share including premium of Rs. 34.09 per share aggregating Rs. 399,99,99,996.80 to LIC of India and its schemes on Preferential basis.

Shares of BANK OF MAHARASHTRA was last trading in BSE at Rs.48.4 as compared to the previous close of Rs. 50.6. The total number of shares traded during the day was 120850 in over 1591 trades.

The stock hit an intraday high of Rs. 51.15 and intraday low of 48.2. The net turnover during the day was Rs. 5977368.

Source : Equity Bulls

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