Bank of Maharashtra OFS: Retail window to open on Dec 3—Check floor price and other key details

Bank of Maharashtra share price closed flat with a slight negative bias on Tuesday as the government opened its two-day offer for sale (OFS). The stock ended at Rs 57.50, down 0.15 or 0.26 per cent on the BSE.

Government launches 6% stake sale

The government aims to divest up to 6 per cent stake in the PSU lender through the OFS route. At the current market price, the stake sale is expected to fetch more than Rs 2,600 crore.

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DIPAM Secretary Arunish Chawla said in a post on X that the OFS would open for non-retail investors on Tuesday, while retail investors can bid on Wednesday. He added that the government plans to sell 5 per cent equity with an option to sell an additional 1 per cent as part of the green-shoe option.

Key OFS details

The Bank of Maharashtra OFS will be conducted over two days — December 2 for non-retail investors and December 3 for retail investors.

The base offer includes 38.45 crore shares, representing 5 per cent of the bank’s paid-up equity capital. An additional 7.69 crore shares, or 1 per cent stake, will be available under the green-shoe option, taking the total to more than 46.14 crore shares, or 6 per cent equity.

The floor price has been set at Rs 54 per share, which is a discount of 6.34 per cent from Monday’s closing price of Rs 57.66.

Meeting minimum public shareholding norms

The government currently holds 79.60 per cent in Bank of Maharashtra. With the OFS, its stake is expected to fall below 75 per cent, helping the lender meet the Securities and Exchange Board of India’s minimum public shareholding norm of 25 per cent.

SEBI has set August 2026 as the deadline for CPSEs and public sector financial institutions to comply with the rule.

Other banks above MPS limit

Apart from Bank of Maharashtra, four other state-owned lenders hold government stakes above the minimum public shareholding threshold. These include Indian Overseas Bank at 94.6 per cent, Punjab & Sind Bank at 93.9 per cent, UCO Bank at 91 per cent and Central Bank of India at 89.3 per cent.