Bank of Maharashtra | Capital raising activities
Further the Bank has informed that the Bank have approached the Government of India for capital support by way of preference share capital and the Bank expect to get first tranche of preference share capital of about Rs 500 crore under the recapitalisation scheme of the government during the current year (... from BSEindia.com)
Bank of Maharashtra has sought 1500 crore rupees of additional capital from the government over the next three years to meet its asset growth, according to various news bodies. The state-run bank with a capital adequacy of slightly more than 12 % plans to raise around 1 to 2 billion (100 to 200 cr) rupees via Tier-II capital in the second half of the current fiscal.
Bank of Maharashtra also recruited around 150 undergraduates, gave them training and assigned them routine, non core tasks some months ago. The PSU bank is in some serious expansion mode, and the government is seen to help the funding requirements of this bank, since it also focuses on rural and agro banking solutions.
The stock closed up 3.69% on the BSE at 42.2. The total traded quantity on the BSE was 1,135,311 up significantly from the 2 week average quantity of 239,227. At 42.4, the stock trades at a P/E of under 5, and a dividend yield of around 2.8% (on CMP and latest paid div Rs 1.5). The stock has broken into a new trading range from the earlier range of 39-41. If the stock sustains the levels of 42-43, the stock will possibly move up to the trading range of 45-47. An opportunity for short termers and long termers alike, given the expansion plans of the PSU.
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