2 weeks Ago
Public sector lender Bank of Maharashtra shares are in focus on Tuesday after the bank launched a qualified institutional placement ( QIP ) to raise up to Rs 3,500 crore. The bank set a floor price of Rs 60.37 per share , slightly above Monday's closing price of Rs 59.
8. The bank may offer up to a 5% discount on the floor price. It aims to raise Rs 1,750 crore through the base issue, with an additional Rs 1,750 crore via a greenshoe option, potentially selling up to 61 crore shares (8.
6% stake) through the QIP. In April, the board approved raising Rs 7,500 crore for FY25, with shareholders approving fundraising options in June, including QIP. On Monday, Bank of Maharashtra's shares closed at Rs 60.
25, up 0.7% on the BSE, while the benchmark Sensex fell 1.49%.
Its shares have surged 32% in 2024 to date and 240% over the past two years, with the company currently holding a market capitalization of Rs 42,665 crore. In Q1 of FY25, Bank of Maharashtra reported a 46.6% increase in its net profit to Rs 1,293 crore.
The Pune-based lender had earned a net profit of Rs 882 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 6,769 crore, up from Rs 5,417 crore a year ago, according to a regulatory filing. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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6% year-on-year (YoY) to Rs 2,799 crore during the period under review, from Rs 2,340 crore in the corresponding quarter a year ago. Fee-based income increased by 12.15% YoY to Rs 368 crore for Q1FY25.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) improved to 1.85% of gross advances as of June 30, 2024, from 2.28% at the end of June 2023.
The Gross NPA was 1.88% as of March 31, 2024. Net NPA also decreased to 0.
20% as of June 30, 2024, from 0.24% as of June 30, 2023, and remained the same as on March 31, 2024. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel ).
