Bank of Maharasthra to raise up to Rs 3,000 crore equity capital

New Delhi: State-owned Bank of Maharashtra Thursday said it will raise up to Rs 3,000 crore equity capital through various modes, including follow-on public offer or preferential issuance of shares.

The decision was taken at the bank's annual general meeting held on June 27, 2019.

A resolution was passed by shareholders for raising of equity capital by follow on public offer/rights issue/qualified institutional placement/preferential issue, aggregating to Rs 3,000 crore including share premium, the bank said in a regulatory filing.

The bank said it will also set-off the accumulated losses as of March 31, 2019.

Bank of Maharashtra's net loss ballooned to Rs 4,784 crore in fiscal ended March 2019 as compared with Rs 1,146 crore in the preceding financial year.