Bank of Maharashtra ESPS issue fully subscribed; raises Rs 105 cr

State-owned Bank of Maharashtra said Wednesday the share issue to its employees has been subscribed fully, helping it raise Rs 105.4 crore.

The bank had offered 10 crore shares to its employees under the Employee Share Purchase Scheme, Bank of Maharashtra said in a statement.

The bank had fixed the issue price of Rs 10.54 per share.

"The ESPS issue received overwhelming response from the employees of Bank and same was fully subscribed. This shows commitment & sense of belongingness of employees towards the organisation," it said.

The fund raised through the issue will help the bank grow further in addition to improvement in capital base.

Earlier in January, the Pune-based lender was removed from prompt corrective action (PCA) framework following improvements in the capital position and asset quality.

The lender was among the first set of banks to get out of the PCA framework.