State-run Bank of Maharashtra is looking to raise up to Rs 2,000 crore through qualified institutional placement (QIP) route before July-end, its Managing Director and CEO A S Rajeev said. In April this year, the Pune-based lender had received board approval to raise Rs 5,000 crore by way of QIP/rights issue/ preferential issue or by issuing Basel III bonds. "We are planning to raise around Rs 2,000 crore equity through QIP immediately. The process has already started and we will raise it before July-end, Rajeev told PTI in an interaction. The base size of the issue is Rs 1,000 crore and it has a greenshoe option of another Rs 1,000 crore, he said. Following this equity raise, the government's holding in the bank will reduce to below 85 per cent from 94 per cent currently, and the capital adequacy ratio will improve to 17-18 per cent from around 14.49 per cent as of March 31, 2021, Rajeev said. This fund will be deployed for expansion of the loan book, which the bank is looking to Read more