Description

NSE announces Offer for Sale of up to 38.46 crore equity shares of Bank of Maharashtra on December 02-03, 2025, with floor price of Rs. 54 per share.

Summary

The National Stock Exchange has announced a proposed Offer for Sale (OFS) for Bank of Maharashtra scheduled for December 02-03, 2025. The base offer size is up to 38,45,77,748 equity shares with an oversubscription option of up to 7,69,15,549 shares and an additional 75,000 shares for eligible employees. The floor price is set at Rs. 54 per share with a market lot of 1 equity share. The OFS will be conducted through NSE’s eOFS platform in accordance with the Interoperability among Clearing Corporations framework.

Key Points

  • Base offer size: Up to 38,45,77,748 equity shares of face value Rs. 10 each
  • Oversubscription option: Up to 7,69,15,549 additional equity shares
  • Eligible employee option: Up to 75,000 equity shares
  • Floor price: Rs. 54 per share
  • Market lot: 1 equity share
  • Tick size: Re. 1
  • Three bidding categories: IS (non-retail), RS (retail - bid value ≤ Rs 2 lakhs), ES (employee - bid value ≤ Rs 5 lakhs)
  • Symbol: MAHABANK, ISIN: INE457A01014
  • All eligible Capital Market segment trading members can participate via eOFS platform
  • Seller will notify oversubscription exercise decision by 5:00 PM on December 02, 2025

Regulatory Changes

The OFS will be conducted in accordance with the implementation of Interoperability among Clearing Corporations along with the Exchange Scheme circular NSE/CMTR/62927 dated July 12, 2024. This framework enables seamless participation across clearing corporations.

Compliance Requirements

  • UCC Compliance: Members must ensure compliant Unique Client Code (UCC) of self (PRO) and clients are updated in the Unique Client Identification (UCI) system one day prior to the OFS bidding session
  • Timing Critical: UCCs updated or made compliant on the bidding day itself will not be permitted to participate; only UCCs identified as compliant by 22:00 hrs on the previous day are eligible
  • Admin User IDs: Members without admin user IDs must provide details via ENIT portal at https://enit.nseindia.com/MemberPortal/ following path: ENIT-NEW-TRADE→Membership→Enablement→eOFS
  • Processing Schedule: Requests processed at 11:00 AM, 2:00 PM, and 3:00 PM; post 3:00 PM requests processed next day by 8:45 AM
  • Single Request Rule: Only one admin user creation request allowed; cannot be modified once raised
  • Collateral Sufficiency: Members must ensure sufficient collaterals before initiating carry forward of orders on T+1 day; rejected orders cannot be placed again
  • Platform Access: eOFS platform URL is https://eofs.nseindia.com
  • API Documentation: Latest eOFS WEB API document available at https://www.nseindia.com/trade/platform-services-neat-trading-system-protocols

Important Dates

  • Circular Issue Date: December 01, 2025
  • OFS Bidding Days: December 02, 2025 and December 03, 2025
  • Oversubscription Decision Deadline: On or before 5:00 PM on December 02, 2025
  • UCC Compliance Cutoff: One day prior to bidding session (by 22:00 hrs)
  • Admin User Request Processing: 11:00 AM, 2:00 PM, 3:00 PM intervals; post 3:00 PM requests processed next day by 8:45 AM

Impact Assessment

Market Impact: This is a substantial OFS involving a public sector bank with a potential offering of over 46 crore shares (including oversubscription option). The large offer size could impact Bank of Maharashtra’s stock liquidity and price discovery during the bidding period.

Trading Member Impact: All Capital Market segment trading members need immediate action to ensure platform readiness, admin user access, and UCC compliance for themselves and their clients. Non-compliance will result in inability to participate in the OFS.

Investor Impact: The OFS provides investment opportunity across three categories with differentiated limits - retail investors can bid up to Rs 2 lakhs, employees up to Rs 5 lakhs, and non-retail/institutional investors have no upper limit. The relatively low floor price of Rs. 54 makes it accessible to retail participation.

Operational Impact: The strict UCC compliance timeline and one-day-prior requirement necessitates immediate action from brokers to verify and update client UCCs. The non-reversible nature of admin user requests and order rejection rules requires careful preparation.

Helpdesk Support: Members can contact toll-free number 1800 266 00 50 (Option 1) or email msm@nse.co.in for platform-related queries.

Impact Justification

Significant OFS event involving large public sector bank with substantial share offering of 38.46 crore shares, requires immediate action from trading members and impacts retail/institutional investors.