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Public Sector Bank Privatisation: Central Bank of India, Indian Overseas Bank Recommended By Niti Aayog, Says Report. LIC IPO soon !
The Union Government may sell its stake in the Central Bank of India and Indian Overseas Bank (IOB) as part of its disinvestment initiative in two public sector banks and one general insurance company in the year 2021-22, as announced in the Union Budget in February.
These two bank’s names have been submitted for disinvestment by National Institution for Transforming India (NITI) Aayog. Bank of India (BoI) may be a likely candidate for sale, sources familiar with the discussions told the reporter.
The proposal from the NITI Aayog is being evaluated by the disinvestment and financial services departments, ministry sources stated as per a report in Times of India.
Sources in the Department of Investment and Public Asset Management (DIPAM) said it would consider the names with the Department of Financial Services and review the legislative changes required for the privatisation.
The Cabinet recently cleared the proposal for the sale of government stake in IDBI Bank.
IOB and Central Bank are together valued at around Rs 44,000 crore, with IOB’s market cap estimated at Rs 31,641 crore as per the current share price,
BSE S&P Sensex was down by 103 points or 0.2 per cent at 52,226 while the Nifty 50 lowered by 46 points or 0.29 per cent to 15,705.
Sectoral indices at the National Stock Exchange were mixed with Nifty metal down by 1.4 per cent, PSU and private bank by 0.9 per cent each and financial service by 0.7 per cent.
Among stocks, Hindalco cracked by 2.9 per cent to Rs 383.50 per share while JSW Steel lost by 3.1 per cent to Rs 693.55 and Tata Steel by 2.2 per cent.
State Bank of India, SBI Life, IndusInd Bank, ONGC, Coal India, Adani Ports and Tata Motors also traded in the negative territory.
However, Infosys and Tech Mahindra gained by 1.4 per cent each, Wipro by 1.1 per cent, HCL Technologies by 1 per cent, and Tata Consultancy Services by 0.7 per cent.
SEBI fines Franklin Templeton, Later goes on appeal.
New Income Tax e-filing portal to be launched today; check ITR website features, details here
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