Secondary Issues
Govt mops up Rs.2,492-Cr from Bank of Maharashtra OFS in lieu of 6% stake
The Union Government has divested a 6% stake in Pune-based Bank of Maharashtra through an offer-for-sale (OFS), realising INR 2,492 crore. The OFS was oversubscribed by 1.72 times.The offer, which included a green shoe option for an additional 1% stake, was concluded at a floor price of INR 54 per share.Prior to the OFS, the government's holding in Bank of Maharashtra stood at 79.60%. The stake dilution to 73.6% enables the bank to become compliant with the Securities and Exchange Board of India's (Sebi’s) Minimum Public Shareholding (MPS) norms, which require all listed companies to maintain a minimum public shareholding of 25%.
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