Bank of Maharashtra has received its board’s approval for the proposal to convert the perpetual non cumulative preference shares (PNCPS) of Rs 588 crore held by Government of India into equity shares on preferential basis to Government of India at a price to be determined, subject to the approval of the shareholders.
The company’s board has also approved the proposal of raising equity capital by issuing additional equity shares to LIC of India or other Financial Institutions, on preferential basis at a price to be determined, subject to the approval of the shareholders.
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