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Bank of Maharashtra on Monday announced the launch of a qualified institutional placement (QIP) to raise funds. The public sector bank has set a floor price of Rs 60.37 per share for the QIP. The exchange filing said that the issue committee of the bank's board has approved the opening of the issue on September 30. The floor price is marginally 0.13 per cent higher than the current market price of the stock.
The filing did not state how much money the bank wants to raise. However, the bank's board approved a plan to raise Rs 7,500 crore during the current financial year in a meeting held on April 26. Companies use QIP to raise funds from the domestic market. Approval from the market regulator SEBI is not required for QIP. For QIP, the company decides the share price as per the rules.
Share performance On Monday, the bank's share closed at Rs 60.33 with a gain of 0.84 per cent. In the last one year, the bank's share has seen a gain of 21.88 per cent. The 52-week high of the share is Rs 21.88.
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