Bank of Maharastra raising funds of Rs.7500 crores

Bank of Maharashtra board to consider fundraising of Rs 7,500 crore on April 24 : Bank of Maharashtra on April 19 informed the stock exchanges that its board of directors will consider fundraising of up to Rs 7,500 crore in the meeting scheduled on April 24. The options which the board will explore for raising the targeted amount of fund includes follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), preferential issue or “any other mode or combination of thereof”, the regulatory filing stated. The board will also consider the option of raising capital “through an issue of BASEL III or such other securities”, it further said. The development comes days after the Pune-headquartered lender while sharing its quarterly business update, said it posted a credit growth of 29.59 percent at Rs 1.75 lakh crore in the January-March period