Bank of Maharashtra raises Rs 404 cr via QIP

Bank of Maharashtra on Friday closed its qualified institutional placement (QIP) raising about Rs 404 crore by allotting over 17 crore shares to eligible investors.

The issue committee of the board approved the closure of "the issue today i.e., July 16, 2021 pursuant to the receipt of application forms for an aggregate of 17,03,37,546 equity shares and the funds of Rs 403.70 crore in the escrow account from eligible qualified institutional buyers (QIBs)," the bank said in a BSE filing.

The shares were allotted at Rs 23.70 apiece to the QIBs at a discount of 4.78 per cent to the floor price of Rs 24.89 per share, the bank said.