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Govt exempted from making open offers for 3 PSBs

Author: IANS/Wednesday, March 28, 2018/Categories: Banking & Financial Services

Govt exempted from making open offers for 3 PSBs

Mumbai, March 27 - Securities market regulator SEBI on March 27 "exempted" the central government from making open offers for its proposed acquisitions of additional shares of three public sector banks (PSBs).

According to the separate "exemption" orders passed by SEBI, the central government will not be required to make open offers to acquire shares in Dena Bank, IDBI Bank and Bank of India.

The central government is expected to infuse additional equity capital in three lenders via acquisition of shares on a preferential basis.

After the transaction the government's stake would rise by 6.98% in IDBI Bank, 10.57% in Bank of India and 12.19% in Dena Bank. 

The central government has proposed to infuse Rs 2,729 crore in IDBI Bank, Rs 3,045 crore in Dena Bank and Rs 9,232 crore in Bank of India. 

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Kavita Giridhar Mallya

IANS

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