The Board of Bank of Maharashtra at its meeting held on 10 July 2020 has approved the following -

Raising of capital in aggregate up to Rs 2000 crore by way of preferential allotment to Govt. of India / FI/ others and/ or by way of QIP issue/ FPO / rights issue and/or ATI Bonds and Rs 1000 crore by way of issue of Basel III compliant Tier I/II bond or such other securities at an appropriate time, subject to necessary approvals/ permissions.

Issue of equity shares of Bank to Govt. of India for an amount aggregating to Rs 831 crore (including premium) on preferential basis.

Set off accumulated losses of the Bank as of 31 March 2020 against the balance available in the share premium and special reserves account of the Bank as on the date of set off as to present a true and fair value of the financial position of the Bank and to take the same into account during the current financial year 2020-21 subject to necessary approvals/ permissions.

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The bank's board also approved raising Rs 1000 crore through issue of Basel III compliant Tier I/II bonds, subject to regulatory approvals.

Further, the board approved raising Rs 831 crore by issuing equity shares to the Government of India on preferential basis.

The government-owned lender's net profit declined 20.5% to Rs 57.57 crore on 1.2% increase in total income to Rs 3,198.30 crore in Q4 March 2020 over Q4 March 2019.

The Government of India holds 92.49% stake in Bank of Maharashtra (as on 31 March 2020).

The stock was currently down 0.34% to Rs 11.63. It has risen 2.92% from the day's low of Rs 11.30 in mid-morning trade.

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Bank of Maharashtra will hold a meeting of the Board of Directors of the Company on 10 July 2020.

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The Board of Bank of Maharashtra will meet on 10 July 2020 to consider the raising of capital and issue of equity shares to Govt. of India on preferential basis aggregating to Rs 831 crore received by the Bank in March 2020, subject to necessary approval.

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