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Bank of Maharashtra board okays raising Rs 3,000 cr via equity, bonds

The board also gave its approval to additional fundraising of Rs 1,000 crore through Basel-III-compliant tier-I and -II bonds or other such securities at an appropriate time, it added

Bank of Maharashtra
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The Pune-headquartered bank said the board has okayed to issue equity shares of the lender to the government for Rs 831 crore on a preferential basis. | Photo: Wikipedia

Press Trust of India New Delhi
State-owned Bank of Maharashtra on Friday said its board has approved a proposal to raise up to Rs 3,000 crore through the issuance of equity shares as well as bonds.

The board of directors at a meeting on Friday considered and approved "raising of capital in aggregate up to Rs 2,000 crore by way of preferential allotment to the Government of India/FI/others/or by way of qualified institutional placement issue/further public issue/rights issue and or/additional tier-1 bonds", the bank said in a regulatory filing.

The board also gave its approval to additional fundraising of Rs 1,000 crore through Basel-III-compliant tier-I and

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