MUMBAI, Feb 26 - State-run lender Bank of
Maharashtra said on Saturday it has fixed a price of
68.76 rupees for its preferential allotment of shares to the
Indian government.
Earlier this month, the bank had said it plans to raise 3.52
billion rupees by allotting shares.
Other Indian state-run banks -- Indian Overseas Bank
, UCO Bank and United Bank of India
, Syndicate Bank -- have said they would
preferentially allot shares to the government in return for
capital infusion.
In December, India's cabinet approved an additional capital
infusion of 60 billion rupees ($1.3 billion) into state-run
banks to hike their capital adequacy and to lift the
government's stake in them.
($1=45.31 rupees)
Maharashtra said on Saturday it has fixed a price of
68.76 rupees for its preferential allotment of shares to the
Indian government.
Earlier this month, the bank had said it plans to raise 3.52
billion rupees by allotting shares.
Other Indian state-run banks -- Indian Overseas Bank
, UCO Bank and United Bank of India
, Syndicate Bank -- have said they would
preferentially allot shares to the government in return for
capital infusion.
In December, India's cabinet approved an additional capital
infusion of 60 billion rupees ($1.3 billion) into state-run
banks to hike their capital adequacy and to lift the
government's stake in them.
($1=45.31 rupees)
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