MUMBAI (Reuters) - State-run Bank of Maharashtra has launched a share sale to institutions to raise around 3 billion rupees ($47 million) to boost its capital ratios, three sources with direct knowledge of the matter said on Monday.
The sources said there was also a so-called greenshoe option for the bank to raise a further 2 billion rupees if demand is sufficiently strong.
Bank of Maharashtra is selling shares in a price range of 25.55 rupees to 26.10 rupees each, said two of the sources. The stock closed at 26.05 rupees on the National Stock Exchange on Monday.
The sources did not want to be named as the information is not public.
Bank of Maharashtra, in a stock exchange filing, said it was launching the share sale, but did not say how much it was looking to raise.
BOB Capital Markets Ltd and Equirus Capital Pvt. Ltd. are managing the share sale.
($1 = 64.3880 Indian rupees)
Reporting by Devidutta Tripathy; Editing by Mark Potter