Govt plans to divest up to 6% in Bank of Maharashtra

Mumbai: The government has decided to divest up to a 6% stake in state-owned Bank of Maharashtra through an offer for sale (OFS) that will open on December 2.

"Offer for sale in Bank of Maharashtra (BOM) opens today for non-retail investors. Retail investors can bid on Wednesday (December 3). Government offers to disinvest 5% equity in the bank with an additional 1% as a green shoe option," department of investment and public asset management (DIPAM) secretary Arunish Chawla said in a post on X.

At Bank of Maharashtra's Monday closing price of ₹57.70, the government stands to raise about ₹2,600 crore by offloading up to a 6% stake. The Centre presently holds 79.60% in the Pune-based lender.


Following the stake sale, the bank will be able to meet the minimum public shareholding requirement of 25%, as the government's holding will fall below 75%.