The government’s offer for sale in Bank of Maharashtra closes for retail investors today, with a floor price of Rs 54 per share. Non-retail bidding yesterday saw strong demand, prompting the green shoe option. Retail investors can bid via brokers on the OFS window during market hours, subject to limits and disclosures.
The government is offloading up to a 6 percent stake in Bank of Maharashtra through a two-day OFS, with the retail tranche open today. The non-retail portion was subscribed 400 percent of the base size, indicating robust institutional appetite and triggering the green shoe option to sell additional shares. The floor price has been set at Rs 54 per share, a discount to recent market levels, with bids placed through the OFS window using standard brokerage platforms and payment mandates. The OFS is being conducted under exchange rules and DIPAM oversight.
Key highlights
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Retail bidding is open today, December 3; non-retail participated yesterday with 400 percent subscription of base size.
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Floor price is set at Rs 54 per share; recent market price hovered around Rs 57–58 ahead of the retail day.
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Government aims to sell up to 6 percent, comprising a 5 percent base offer and 1 percent green shoe option.
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Retail investors can apply through their broker’s OFS window, selecting Bank of Maharashtra, quantity, and price at or above the floor.
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Allotment follows a price-priority mechanism; bids at higher prices have priority, subject to availability.
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Retail quota is distinct from non-retail; un-allotted bids are refunded per broker/exchange timelines.
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Day 1 subscription stood around 339 percent as per exchange updates; DIPAM indicated exercising the green shoe option.
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OFS window operates during market hours with T+1 settlement norms as per exchange procedures.
Retail participation mechanics
Investors place bids via their trading account under the OFS section, ensuring sufficient funds or mandate approval. Bids cannot be modified after the window closes; partial allotment is possible. Check broker communications for bidding cut-off timings and post-bid confirmations, and review contract notes and demat credit on settlement day.
The OFS has drawn significant interest from institutions, with pricing designed to attract broad participation. For retail investors, understanding floor price discipline, bid priority, and the distinct retail allocation is key to effective participation on the final day.
Sources: Livemint, Business Today, Goodreturns, IPO Watch
