The company's board authorised and declared the opening of the issue on Thursday, 1 June 2023.
The floor price of Rs 29.98 is at a discount of 4.34% to the previous day's closing price of Rs 31.34 on the BSE.
The bank may offer a discount of not more than 5% on the floor price so calculated for the issue.
The bank said that the issue price will be determined in consultation with the book running lead manager appointed for the issue.
A meeting of the fund raising committee is scheduled to be held on 6 June 2023, to consider and and determine the issue price for the equity shares to be allotted to qualified institutional buyers.
Bank of Maharashtra is a public sector bank in India. The Government of India held 90.97% stake in the bank as of 31 March 2023.
The state-run lender's standalone net profit zoomed 136.48% to Rs 840.04 crore on 34.66% rise in total income to Rs 5,317.27 crore in Q4 FY23 over Q4 FY22.
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