Bank of Maharashtra raises Rs.1,000-Cr via QIP

State-owned Bank of Maharashtra has raised INR 1,000 crore at INR 28.50 per equity share in a qualified institutional placement (QIP). The price was at a 4.94% discount to the floor price of INR 29.94 per share. The QIP, which opened on June 1, was fully subscribed and received a strong response from domestic as well as foreign investors. Life Insurance Corporation of India (LIC) got an allotment of 8.34 crore shares, which is nearly 24% of the capital raised. The fresh capital will strengthen the capital adequacy ratio of the bank, support growth and help the bank to reduce the government stake further.