Indian government plans to sell minority stakes in four state-run banks to meet SEBI's public shareholding norms.

The Indian government plans to sell minority stakes in four state-run banks—Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank—to meet public shareholding norms set by SEBI. The finance ministry will seek cabinet approval in the coming months to dilute its stake, which ranges from over 93% to 98.3%. The sales will depend on market conditions, with SEBI requiring listed companies to maintain 25% public shareholding, a rule currently exempt for government-owned firms until August 2026.

November 19, 2024
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