Bank of Maharashtra gets nod to raise Rs 313 cr via QIP

State-owned Bank of Maharashtra (BOM) today said its board has approved to allot over 12 crore shares under QIP to raise up to Rs 313.55 crore.

"In respect of the qualified institutions placement (QIP), the Equity Issue Committee of the Board of Directors of the bank at its meeting held today approved the allotment of 12,27,21,827 equity shares to eligible qualified institutional buyers at the issue price of Rs 25.55 per share, aggregating to Rs 313.55 crore," it said in a regulatory filing.

Shares of the bank closed 0.57 per cent down at Rs 26 on BSE today.