Business Daily from THE HINDU group of publications
Thursday, Jul 23, 2009
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Business Daily from THE HINDU group of publications Thursday, Jul 23, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Public Sector Banks Government - Financial Policy
Our Bureau New Delhi, July 22 With just a fortnight to go before the ongoing Budget session comes to an end, the Centre is likely to push for legal amendments to enable State Bank of India raise capital through preference shares and also by preferential allotment or private placement. The proposed SBI (Amendment) Bill may also pave the way for the Government to reduce its shareholding from 59.41 per cent to not below 51 per cent. Currently, there is a legal stipulation that the Government holding in SBI cannot go below 55 per cent. If SBI were to be allowed to raise fresh equity capital, then the Government holding may have to come down. In fact, the Centre had introduced the SBI (Amendment) Bill in Lok Sabha in 2006. However, the Bill could not be passed before the completion of the term of the 14th Lok Sabha. Indications are that the Government may again introduce a Bill before the end of the current Budget session. More Stories on : Public Sector Banks | Financial Policy | State Bank of India
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