Government to raise ₹2,492 cr from Bank of Maharashtra stake sale
after close1 source ↓written by the desknot a recommendation
- to divest
- 6% stake
- aiming to raise
- ₹2,492 cr
- floor price
- ₹54 per share
- on the first
- 400% subscription
- stake
- 1%
The government plans to divest a 6% stake in Bank of Maharashtra through an Offer for Sale (OFS), aiming to raise ₹2,492 cr. The OFS opened for non-retail investors at a floor price of ₹54 per share, with a 400% subscription on the first day, prompting the exercise of a green shoe option for an additional 1% stake.
This significant demand indicates strong investor interest, which may positively impact market sentiment for public sector banks. 📈
Not investment advice. For informational purposes only.