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Approval expected for four state-owned banks to raise funds in H1 FY25
The Business Guardian
|February 07, 2024
The The central government is contemplating allowing at least four state-owned banks to raise funds or expand their public float in the first half of the upcoming financial year (FY25) to enhance their lending operations and encourage greater public involvement.
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Among the four banks, PNB is targeting a follow-on public offer (FPO) by September, while Central Bank of India is seeking approval for an offer for sale (OFS) to broaden its public float.
The government has reportedly received a proposal from the Central Bank of India for an offer for sale, with the government currently holding a 93.08 per cent stake in the state-owned lender.
Additionally, some banks may have already received approvals from their boards while others are preparing their fundraising proposals.
This story is from the February 07, 2024 edition of The Business Guardian.
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