Government to sell up to 6% stake in Bank of Maharashtra via OFS: DIPAM

New Delhi [India], December 1 : The Offer for Sale in Bank of Maharashtra is set to open on Tuesday with the government aiming to sell up to 6% stake via an offer-for-sale, the Department of Investment and Public Asset Management (DIPAM) said in an update on social media post X.

The bid will be open tomorrow for Non-Retail investors, while the Retail investors can bid on Wednesday.

"Government offers to disinvest 5% equity in the bank with an additional 1% as a green shoe option," DIPAM said.

Notably, at the end of the September quarter, the government had a 79.6% stake in Bank of Maharashtra.

Earlier in October 2024, the Bank of Maharashtra had completed a Rs 3,500 crore QIP to strengthen its capital base and move toward meeting public shareholding norms.

In its recently released June-September quarter of FY26, Bank of Maharashtra reported a 23% year-on-year increase in net profit to Rs 1,633 crore. The growth was mainly aided by healthy growth in net interest income (NII).

Bank's NII expanded 15.71% Y-o-Y to Rs 3,248 crore in Q2FY26, compared to Rs 2,807 crore in Q2FY25. The net interest margin (NIM) moderated to 3.85% in Q2FY26 from 3.98% in Q2FY25.

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