Govt to divest 6% stake in BoM

New Delhi: Government on Tuesday decided to exercise green shoe option and will divest 6 per cent stake in state-owned Bank of Maharashtra (BoM) through Offer for Sale (OFS) following overwhelming response from investors on the first day of subscription.

The OFS of BoM opened for subscription earlier on Tuesday for non-retail investors at a floor price of Rs 54 per share. On the first day, it subscribed 400 per cent of the base size 38,45,77,748 shares triggering exercise of green shoe option of additional 1 per cent. “Offer for sale in Bank of Maharashtra received overwhelming response in the markets today. The issue was subscribed to 400 per cent of the base size.