BoM OFS oversubscribed, govt mops up `2,492 crore

New Delhi: The government is set to raise about Rs 2,492 crore from the oversubscribed offer-for-sale (OFS) of Bank of Maharashtra, through which it diluted a 6 per cent stake in the lender. The sale will also help the Pune-based bank achieve Minimum Public Shareholding (MPS) compliance under Sebi norms.

The OFS, which closed on Wednesday with a 1.72 times subscription, was offered at a floor price of Rs 54 per share. With the dilution, the Centre’s holding will fall from 79.6 per cent to 73.6 per cent, bringing it below the 75 per cent limit required to meet the 25 per cent MPS threshold.

DIPAM Secretary Arunish Chawla said the strong investor response ensured the bank is now MPS compliant, thanking market participants in a post on X.

The government also exercised the green shoe option, selling an additional 1 per cent stake. The base offer included 38.46 crore shares (5 per cent of equity), while another 7.69 crore shares were offered under the green shoe, taking the total to over 46.14 crore shares, or 6 per cent of the bank’s equity.

The stake sale is part of Sebi’s mandate that all listed companies, including PSUs, maintain at least 25 per cent public shareholding. The regulator has given CPSEs and public sector financial institutions time until Au-gust 2026 to comply.

Other state-run banks still above the threshold include Indian Overseas Bank (94.6 per cent), Punjab & Sind Bank (93.9 per cent), UCO Bank (91 per cent), and Central Bank of India (89.3 per cent).