Business Daily from THE HINDU group of publications
Tuesday, Aug 03, 2010
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Business Daily from THE HINDU group of publications Tuesday, Aug 03, 2010 ePaper | Mobile/PDA Version | Audio | Blogs |
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Public Sector Banks Industry & Economy - Disinvestment Government - Policy
Our Bureau New Delhi, Aug. 2 The Lok Sabha on Monday passed the State Bank of India (Amendment) Bill 2010, which seeks to, among other things, reduce the statutory minimum shareholding of the Central Government in the bank to 51 per cent from the current level of 55 per cent. The Bill would also pave the way for SBI to issue preference shares and make preferential allotments to raise capital. Replying to the discussions on the Bill, the Union Finance Minister, Mr Pranab Mukherjee, assured the Lok Sabha that “under no circumstances will Government shareholding in banks (public sector and state-owned) go below 51 per cent”. The SBI Amendment Bill 2010 also seeks to increase the authorised capital of the bank. “While SBI can access capital market by issuing equity shares or bonds, there is no express provision under the SBI Act to enable the bank to issue preference shares and bonus shares,” Mr Mukherjee said. krsrivats@thehindu.co.in More Stories on : Public Sector Banks | Disinvestment | Policy | State Bank of India
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