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PSU Bank Stocks Surge 20% Amid Speculation Over Stake Sale
The Morning Standard
|January 15, 2025
PUBLIC sector bank stocks were in high demand in the final hour of trading on Tuesday amid speculations of stake sale by the central government.
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Shares of five lenders—Central Bank of India, Indian Overseas Bank (IOB), UCO Bank, Punjab & Sind Bank (PSB), and Bank of Maharashtra (BoM)—surged in double-digit figures on news that the Centre has approved a fundraising plan via the qualified institutional placement (QIP) route.
The fundraising, as per a report, will be executed in small tranches beginning in the fourth quarter of the financial year 2024-2025 (Q4 FY25).
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