Bank of Maharashtra (BoM) has rallied 8% to Rs 54.85 on opening deals on the Bombay Stock Exchange, after the board of the public sector bank has approved issue of equity shares to Government of India (GOI) and Life Insurance Corporation of India (LIC) on preferential basis at a premium to current market price.
“The board of directors proposes to issue up to 177.41 million fresh equity shares of Rs 10 each to GOI and LIC respectively at a price of Rs 56.09/- per equity share by way of preferential allotment,” the bank said in a filing to the stock exchanges.
The bank will propose to raise upto Rs 100 crore by issuing shares upto 153.32 million to GOI and upto 24.09 million shares to LIC, it added.
A combined around 55,000 shares have changed hands on the counter on morning deals on both the exchanges.
