SEBI exempts government from making public offers in three PSBs

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Mumbai, March 27 (IANS) Securities market regulator SEBI on Tuesday “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 per cent in IDBI Bank, 10.57 per cent in Bank of India and 12.19 per cent 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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