New Delhi, Feb. 23: State-owned Bank of Maharashtra today said it will make an initial public offering of 10 crore shares — one more issue in a slew hitting the market in the next two months — to raise Rs 230 crore.

The issue, open for subscription between February 25 and March 4, will cut the government’s stake to around 77 per cent from 100 per cent in the bank, which made a net profit of Rs 222 crore.

Banking unions, however, have called a one-day strike tomorrow on a range of issues, including plans to privatise state-run banks.

The Pune-headquartered bank has 1,250 branches with deposits totalling Rs 22,176 crore, while advances stood at Rs 9,508 crore for the financial year ended March 31, 2003.

The public offer comes at a time when domestic markets are bracing for a string of issues, mainly from state-run energy firms.

Among other financial institutions, ICICI Bank Ltd, the second-largest commercial bank, is set to issue shares worth Rs 3,000 to 3,500 crore in April followed by state-run Punjab and Sind Bank.

Oriental Bank lending rate

Oriental Bank of Commerce will offer an “attractive” rate of interest, between 10.25 per cent and 11.25 per cent, to farmers for purchase of New Holland tractors.

The rate of interest, for loans up to Rs 2 lakh and term period between five to nine years, would attract 10.25 per cent while loans more than this amount would attract 11.25 per cent.