In a major dispensation, capital markets regulator Securities and Exchange Board of India (Sebi) acceded to the central government's request to reclassify its shareholding in IDBI Bank after its disinvestment as "public holding", the lender told the stock exchanges on Thursday.
This is subject to the condition that the government's voting rights in the bank will not exceed 15 per cent of the total voting rights after the sale. Also, the government must specify its intention to reclassify its shareholding in the bank as "public holding" in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer.
Further, after disinvestment, the bank must make an application to the stock exchanges for reclassification of the government holding under the public category. And, the new acquirer must ensure compliance with the minimum public shareholding (MPS) requirements within one year of the sale.
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Denne historien er fra January 06, 2023-utgaven av Business Standard.
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