Central Government to sell it’s stake in the state-owned Indian Bank. Indian Bank is waiting for the market to improve to come out with a fresh float of shares. The proposed share float will result in the dilution of the Centre’s stake in the bank.
The Central government was holding 80 per cent stake in the bank. Now that the Government had permitted “us to reduce their holding by 10 per cent, I can sell 61.40 crore worth of shares to the market,” T. M. Bhasin, Chairman and Managing Director of Indian Bank said.
“This will be free float available for sale,” he added. Since the Government would not be subscribing to the fresh equity issue, its holding would come down to 70 per cent, and the share capital base would go up.