Banking | Govt may let SBI sell stock with rule change

Banking | Govt may let SBI sell stock with rule change
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First Published: Wed, Jul 22 2009. 10 59 PM IST
Updated: Wed, Jul 22 2009. 10 59 PM IST
New Delhi: India may allow State Bank of India (SBI) to sell new shares by amending a law that caps the government’s shareholding in the nation’s biggest lender, according to a finance ministry official.
The government, which is required to hold at least 55% of the lender, plans to seek parliamentary approval to reduce its holding to 51%, the official said, declining to be named before an announcement. The government holds 59.4% of SBI, according to Bloomberg data.
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First Published: Wed, Jul 22 2009. 10 59 PM IST