New Delhi: The government has decided to divest up to 6 per cent stake in state-owned Bank of Maharashtra through an Offer for Sale commencing on Tuesday.
At the current market price, the government would be able to garner about Rs 2,600 crore by offload-ing up to 6 per cent stake in the bank.
“Offer for Sale in Bank of Maharashtra (BoM) opens tomorrow for Non-Retail investors. Retail inves-tors can bid on Wednesday. Government offers to disinvest 5 per cent equity in the bank with an additional 1 per cent as a green shoe option,” Department of Investment and Public Asset Management (DIPAM) Secre-tary Arunish Chawla said in a post on X.
The government currently holds a 79.60 per cent stake in the Pune-based bank.
With the stake dilution, the bank would be able to meet the minimum public shareholding norm of 25 per cent as the government stake will come down below 75 per cent.
This is in line with the Securities Contract (Regulation) Rules issued by the Securities and Exchange Board of India, which mandate that all listed companies, including those in the public sector, must have a minimum public shareholding of 25 per cent.
Capital market regulator Sebi has given forbearance to CPSEs and public sector financial institutions till August 2026.