Security Exchange Board of India (SEBI) has exempted the central government from making an open offer to acquire additional 14.26 per cent stake in Vijaya Bank through conversion of Rs 1,200 crore worth of preferential shares.
The promoter of Vijaya Bank had proposed to buy more than 30.46 crore shares of public sector lender through conversion of Rs 1,200 crore Perpetual Non-Cumulative Preference Shares (PNCPS), which would hike its shareholding in PSU from 59.80 per cent to 74.06 per cent.
However, SEBI in its order mandated that even after the proposed increase in the shareholding of the government, the minimum public shareholding would be maintained. This exemption was granted on the condition that the government or the bank would ensure compliance with the statements, disclosures and undertakings made with regard to the transactions, among others.
| Company Name | CMP |
|---|---|
| SBI | 1063.20 |
| PNB | 110.75 |
| Canara Bank | 138.90 |
| Bank Of Baroda | 275.85 |
| Union Bank Of India | 184.70 |
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