Bank Of Maharashtra - Virtually No Retail Float

By Research Desk
about 3 years ago

Bank ff Maharashtra (BoM) seen to be the market consensus bank, having recommended by Niti Aayog for privatisation. It seems that there is mad rush for buying BoM share by DIIs, as also, by few FIIs, but there is virtually no retail float available, which makes the stock most bullish.

Shareholding Pattern of BoM as at 31-3 21 is as under-

Total issued shares are 656 crore shares. Of this,
Govt of India holds 612.27 cr shares.
PSU Banks and Insurance companies hold 19.41 cr shares.
Domestic MF (29 lakh shares) and FII (52 lakh shares) holds 0.81 cr shares.

This leaves 23.52 cr as public float, of which, 7.52 cr shares are held by HNIs, leaving 16 crore shares held by 290 lakh individual shareholders, giving an average holding of 550 shares by each of them. But after 31st March, in last 2 months, even HNIs acquired 6 cr more shares, reducing retail holding to about 10 cr shares.

Even on Friday, cash volume of 3.40 cr shares were seen, largely bought by MFs & HNIs, which are even keen to buy 5 cr shares more. One MF Fund Manager was saying that “Low float can make share to rise to 45 levels in this month”.
Keep fingers crossed.

This is not a buy recommendation, while stock recommendations are provided exclusively to our paid members in the Member Zone.

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