Bank of Maharashtra has invited bids to appoint merchant bankers or book running lead managers for its plan to raise up to 10 bln rupees through a qualified institutional placement of shares, the lender said in a notice on its website.
Interested parties have to submit their bids by Jan 21.
Up to five merchant bankers with the necessary experience will be appointed by the bank, and they will all be given the title of book-running lead managers.
The notice stated that the lender would also have the choice to hire more merchant bankers if they were thought to be essential.
The notice further stated that book-running lead managers were required to perform due diligence, create the draft documents, and advise the bank on the timing and modalities.
The bank’s capital adequacy ratio as of September 30 was 16.71%.