Bank Of Maharashtra QIP: LIC, ICICI Prudential Life And Aditya Bira Sun Life Among Investors

Bank of Maharashtra raised Rs 3,500 crore from share sale to investors Life Insurance Corp., ICICI Prudential Life Insurance Co. and Adity Birla Sun Life Insurance Co, among others. The board on Saturday approved the allotment of over 61 shares under the qualified institutional placement route, according to an exchange filing.

The public sector lender issued the shares at Rs 57.36 apiece, against the floor price of Rs 60.37. The QIP opened on Sept. 30 and closed on Oct. 4.

Bank of Maharashtra disclosed the list of allottees who have been allotted more than 5% of the equity shares offered in the QIP.

• LIC: Nearly 26 crore shares were allotted, representing 42.56% of the total QIP issue.

• ICICI Prudential Life Insurance: Over five crore shares were allotted, representing 8.51%.

• Aditya Birla Sun Life: Nearly 3.5 crore shares were allotted, representing 5.67%.

Notably, the bank's board had approved the plan to raise Rs 7,500 crore during the current financial year through various modes in a meeting held on April 26.

This was followed by the bank's shareholders giving their nod to the fundraising plan on June 12. The modes of raising the funds, as agreed to by the shareholders, included "FPO/rights issue/QIP issue/on preferential basis/ESPS, etc., aggregating to Rs 7,500/- crore," an exchange filing had then noted.

Bank of Maharashtra is a public sector bank headquartered in Pune. The lender had three crore customers across the country with 2,489 branches as of March 2024. It has the largest network of branches of any nationalised bank in the state.

Shares of Bank of Maharashtra closed 1.3% lower at Rs 57.7 apiece on the NSE on Friday, compared with a 0.9% decline in the benchmark Nifty 50.