- Government to sell minority stakes in select PSU banks via offer-for-sale this year
- At least two banks expected to list shares in the initial round of stake sales
- Sale process has been underway since August with progress expected in this fiscal
The government will sell minority stakes in select PSU banks via offer-for-sale route in the current financial year, sources have told NDTV Profit. At least two banks are likely to float shares in the first round of stake sales this year.
Merchant bankers and advisors have been working on the process since August. "Meaningful progress" is expected this fiscal, sources said.
The government plans to sell minority stake in Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India and Punjab & Sind Bank. Combined, the government will offload about 20% equity in a phased manner.
The central government's shareholding will be brought below 75% in each of the banks, in line with the 25% minimum public float norm of the Securities and Exchange Board of India.
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