PSU Sales

Public sector banks are expected to get another two-year extension to comply with Sebi's minimum public shareholding (MPS) norms, a top government official has said. Out of 12 public sector banks (PSBs), five are yet to comply with MPS norms and the government's holding is beyond 75 per cent. As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. However, the regulator gave special forbearance to state-owned banks till August 2024 to meet the requirement of 25 per cent MPS. "We have written to the Department of Economic Affairs for the extension," Financial Services Secretary Vivek Joshi told PTI in an interview. Generally, he said, a two-year extension is given and hopefully it should come sooner than later. Five banks have minimum public shareholding of less than 25 per cent. Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.3

The Congress on Friday hit out at the government over the Bharat Immunologicals and Biologicals Corporation Limited (BIBCOL) reportedly facing a "grim future", and said shutting down vaccine PSUs will only erode the country's capabilities further. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that the BIBCOL factory in Uttar Pradesh's Bulandshahr, that was at the forefront of India's fight against polio before, hasn't produced a single vaccine since December 2022. "Bharat Immunologicals and Biologicals Corporation (BIBCOL) was set up in the late 1980s, at the personal initiative of Prime Minister Rajiv Gandhi, to make India self-sufficient in the production of oral polio vaccines. It was my good fortune to have been associated with its establishment at Bulandshahr in UP as part of the technology mission on immunisation," Ramesh said in a post on X. But BIBCOL now faces a "grim future in the era of the non-biological PM", h

State-owned Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth. The Pune-headquartered lender has registered a 15.94 per cent rise in the total business (domestic) in FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12 per cent growth, according to published financial numbers of the public sector banks (PSBs). However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs 79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms. Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a 15.66 per cent rise in FY24. It was followed by SBI (11.07 per cent), Bank of India (11.05 per cent) and Canara Bank (10.98 per cent). Out of 12 public sector banks, only these four lenders could

In December 2019 the decision was revised to allow sale of land to private entities as well through a competitive bidding process

This is the second successful privatisation in the civil aviation space after the Air India sale

In the last 10 years, though PSU stocks have gained ground, they have mostly been laggards at the bourses

Investor must retain at least 51% stake to take the benefit

Parcels worth more than Rs 600 crore may be sold via new platform

Litigation-free assets among several buyer-friendly steps

The new public sector enterprises policy envisages that the strategic sectors have limited number of players restricting it to maximum four public sector enterprises of the holding nature

The sale could fetch the government Rs 1,055 crore, according to the company's share closing price on Friday

Standalone net profit in April-June stood at Rs 2,076.17 crore compared with Rs 1,075.12 crore a year back, the company said in a regulatory filing

In case of Coal India, if valuations are not attractive, company will buy back shares from the govt

Trade union arm of RSS described advisors to govt as 'predatory'

The first deal will clear the path for many more. It will also be the toughest to execute

Strategic buyers to be key for realising optimum valuations

Govt should go beyond making administrative changes

Sebi had given an extension last year for PSUs to meet 25% minimum public shareholding rule

Jaitley said such sales were in line with his announcement regarding consolidation of public sector units in the February 2017 budget