India to sell up to 6% stake in Bank of Maharashtra (updated)

Bank of Maharashtra

01/12/2025 13:11

Adds details from paragraph 2 onwards

Dec 1 (Reuters) - India will sell a stake of up to 6% in Bank of Maharashtra, an exchange filing showed on Monday, moving the state-run lender closer to meeting minimum public shareholding rules.

The sale includes a base offer of 5% with an option to sell an additional 1%. Bidding will open for non-retail investors on December 2, while retail investors can participate on December 3.

The floor price for the sale is set at 54 rupees per share, compared with the last close price of 57.65 rupees.

The government held a 79.6% stake in the bank as of end-September, exchange data showed. India requires at least 25% of a listed company to be owned by public shareholders.

Shares of Bank of Maharashtra closed 1.6% lower on Monday but are up 10.5% so far in 2025.

 (Reporting by Hritam Mukherjee and Nishit Navin in Bengaluru; Editing by Anil D'Silva)

 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))