Home / Business and Economy / Govt Sells Bank of Maha Stake: Rs 2,492 Cr Target
Govt Sells Bank of Maha Stake: Rs 2,492 Cr Target
2 Dec
Summary
- Government plans to sell up to 6% stake in Bank of Maharashtra.
- Offer for sale opens soon with a floor price of Rs 54/share.
- Aim is to raise approximately Rs 2,492 crore for the government.
The Indian government has announced plans to divest up to a 6% stake in the Bank of Maharashtra. This strategic move is being executed through an Offer for Sale (OFS), with the objective of raising significant capital for the state. The OFS is scheduled to open for non-retail investors on Tuesday, followed by retail investors on Wednesday. A floor price of Rs 54 per share has been set, which represents a discounted valuation, making the shares attractive to potential buyers. This initiative is a key component of the government's broader strategy to enhance the public shareholding of the bank to the mandated minimum of 25%. The sale is anticipated to generate approximately Rs 2,492 crore.
