Shares of Bank of Maharashtra closed 8 per cent higher on Monday, following the bank’s announcement of March quarter results. The board of the bank also approved the raising of capital. 7,500 crore through equity and debt.
Bank of Maharashtra aims to increase 7,500 crore through a follow-on public offer (FPO) or rights issue, as per the filing. It may also consider Qualified Institutional Placement (QIP) or preferential issue, among other similar methods of raising capital, as may be permitted under applicable laws, subject to necessary approvals.
“raising capital up to Rs. through follow-on public offer (FPO) / rights issue / qualified institutional placement (QIP) issue, preferential issue or any other mode or a combination thereof and / or issue of Basel III bonds or other such securities 7,500/- crore through .permissible under applicable laws etc., subject to necessary approvals,” the bank said in its regulatory filing.
The company’s stock closed up 8.16 percent. on BSE on 30.08. The stock has gained 67.58 per cent in the last one year, while in 2023 the stock has declined by 1.54 per cent. The stock is up 15.0% from its 52-week low of 100.67%, and the stock was trading on a high volume of 58.4 Million with a price gain of 8.08%.
Bank of Maharashtra Ltd’s net profit on Monday jumped over 135% in the quarter ended March (Q4FY23). 840 crores from 355.2 crore in the corresponding quarter of the previous year. Net Interest Income (NII) grew by over 35% 2,187 crores to 1,612 crore in the same quarter last year.
Further, the bank reported an improvement in asset quality, with its gross non-performing assets (GNPA) declining by 47 basis points to 2.47% from 2.94% in the previous quarter of the same financial year.
For the year ending March 31, 2023, Bank of Maharashtra reports 126 percent growth in net profit 2,602 crore, which was 1,152 crore a year ago. Its interest income has improved by 22 percent 15,898 crores to 13,019 crore during the period under review.
The board of the bank has recommended payment of dividend of Rs. 1.3 per fully paid up share 10 or 13%.
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