New Delhi [India], December 2 (ANI): The Offer for Sale (OFS) of Bank of Maharashtra has received an overwhelming response, with the issue being subscribed 400% of the base size on Tuesday.
This prompted the government to exercise the green shoe option, allowing it to divest an additional 1% stake in the bank, taking the total stake sale to 6%.
In a post on X, the Department of Investment and Public Asset Management (DIPAM) Secretary said, “Offer for Sale in Bank of Maharashtra received overwhelming response in the markets today. The issue was subscribed 400 per cent of the base size. Government has decided to exercise the green shoe option. Retail investors get to bid tomorrow on 3rd December 2025. Congratulations to the staff and leadership at the Bank of Maharashtra for outstanding financial performance over the last few years. Keep it going…”
The government aims to raise approximately Rs 2,492 crore through this OFS, with retail investors able to bid tomorrow, December 3, 2025. This move is expected to help the bank meet the minimum public shareholding norm of 25%.
The Bank of Maharashtra has demonstrated outstanding financial performance in recent years, and this successful OFS is a testament to its strong market presence.
In its earlier announcement, DIPAM had said the government would offer to disinvest 5% equity in the bank, with an additional 1% as a green shoe option.
At the end of the September quarter, the government had a 79.6% stake in Bank of Maharashtra. Earlier in October 2024, the Bank of Maharashtra had completed a Rs 3,500 crore QIP to strengthen its capital base and move toward meeting public shareholding norms.
(ANI)