Bank of Maharashtra rose 1.51% to Rs 33.55 at 11:07 IST on BSE after the bank said its board will meet on 24 March 2017, to consider the proposal of raising of equity capital on preferential allotment to Government of India.
The announcement was made after market hours yesterday, 21 March 2017.Meanwhile, the S&P Sensex was down 226.89 points, 0.77% at 29,258.56. The S&P BSE Mid-cap index was down 131.50 points or 0.95% at 13,722.02.
On the BSE, 52,000 shares were traded on the counter so far as against the average daily volumes of 58,287 shares in the past one quarter. The stock had hit a high of Rs 33.80 and a low of Rs 33.30 so far during the day.
The stock had hit a 52-week high of Rs 38.70 on 21 February 2017 and a 52-week low of Rs 25 on 9 November 2016. The stock had underperformed the market over the past one month till 21 March 2017, declining 10.8% compared with the Sensex's 2.52% rise. The scrip had, however, outperformed the market over the past one quarter advancing 13.38% as against the Sensex's 12.36% rise.
The mid-cap bank has equity capital of Rs 1168.33 crore. Face value per share is Rs 10.
Bank of Maharashtra said that a meeting of the board of directors of the bank is scheduled on 24 March 2017, to consider the proposal of raising of equity capital of the bank by way of preferential allotment to Government of India (GOI) subject to necessary approvals/permissions. The bank had received communication from Government of India on 16 March 2017, regarding capital allocation plan of Rs 300 crore to the bank.
Bank of Maharashtra reported net loss of Rs 182.51 crore in Q3 December 2016, as compared with net profit of Rs 89.06 crore in Q3 December 2015. Total income fell 0.1% to Rs 3473.77 crore in Q3 December 2016 over Q3 December 2015.
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The Government of India (GoI) held 81.61% stake in Bank of Maharashtra (as per the shareholding pattern as on 31 December 2016).
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