PSU Bank Stock: The shares fell after the central government announced to sell stake in five public sector banks through disinvestment. Shares of five banks including Central Bank of India, Bank of Maharashtra fell by 9 percent today. The Central Government will invest Rs. 100 crore through qualified institutional placement in these five banks. A fund of Rs 10000 crore has been approved. According to media reports, the fund raising exercise will start from the fourth quarter.
The government sold shares of Central Bank of India, Indian Overseas Bank, UCO Bank, Punjab & Sind Bank and Bank of Maharashtra through QIP for Rs. There is a plan to raise Rs 10000 crore. The Department of Public Asset Management (DIPAM) has received orders to sell stake in these lenders through an offer for sale. The government will sell stake in these PSU banks in an effort to meet the benchmark of 25 per cent stake by August 2026.
Shares of five banks fell
Shares of five banks fell today after the central government announced disinvestment through QIP. Till the time of writing the news, Punjab and Sindh Bank was trading down by 5 percent, UCO Bank by 7.30 percent, Central Bank of India by 8.45 percent, Indian Overseas Bank by 8.11 percent, Bank of Maharashtra by 3.47 percent.
the meeting will take place today
The Finance Ministry will hold a meeting with heads of public sector banks today to review the progress of various financial schemes, including Jan Suraksha and Mudra Yojana. The meeting will be presided over by Finance Secretary M Nagaraju. In which representatives of private sector banks will also participate. In the meeting held under the leadership of the Secretary, the PM will discuss various financial inclusion schemes including self-financing schemes.
