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PSBs likely to take QIP route to meet shareholding norm
Business Standard
|July 19, 2024
Indian Overseas Bank and Uco Bank in the fray
Public-sector lenders Indian Overseas Bank (IOB) and Uco Bank likely to raise funds through qualified institutional placement (QIP) next month.
Punjab & Sind Bank is likely to follow suit later this financial year to meet the public shareholding norm of 25 per cent.
When a public-sector unit raises funds through QIP, the money goes to the company because it involves issuing new shares whereas in the case of offer for sale (OFS), the money raised goes to the government because its shares are sold.
This story is from the July 19, 2024 edition of Business Standard.
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