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Bank of Maharashtra plans to raise Rs.1,500 crore
State-owned Bank of Maharashtra is planning to raise Rs.1,500 crore in three years, a top bank official said here Tuesday.
"We have a plan to raise Rs.500 crore every year (starting from this fiscal) for three years via follow-on public offer, qualified institutional placement or issue perpetual preference shares," bank chairman and managing director Allen C.A. Pereira told reporters on the sidelines of a banking conclave.
Talking about the bank's credit and deposit growth, Pereira said: "We have a deposit target of 17-18 percent and a credit target of 20 percent this fiscal."
The net interest margin (NIM) in the first quarter (April-June) of the current fiscal was 2.43 percent.
"We have set a NIM target of 2.7 percent this fiscal," Pereira said.
The bank is planning to open 76 branches this fiscal. Of these, four branches would be in the north-eastern states of Assam, Arunachal Pradesh and Meghalaya.
Last updated on Jul 7th, 2009 at 18:54 pm IST--IANS
Possibly related news:
- Corporation Bank plans to raise Rs.1,000 crore (June 30)
- Dena Bank expecting Rs.500 crore capital infusion (July 14)
- State Bank to raise interest rates after Diwali (July 13)
- Exide plans Rs.100 crore investment in this fiscal (July 17)
- Promoter stake reduction could raise Rs.159,000 crore (July 22)
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Coinciding with Prime Minister Manmohan Singh's state visit to Washington, a high-level business delegation of the Confederation of Indian Industry (CII) is in the US to push economic ties between the two countries.
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Benchmark indices of Indian equities markets struggled to add significant gains this week, even as conditions remained uncertain in economies and bourses around the world.
Reliance Big Entertainment and Brad Pitt's production company Plan B have entered into a pact with leading video gaming firm Capcom to make the sci-fi action game "Drak Void" into a motion picture.
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