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Friday, December 4, 2009

The Cabinet cleared the (SBI) Amendment Bill yesterday paving the way for the government to lower its stake in to 51%. India's largest public bank can

The Cabinet cleared the (SBI) Amendment Bill yesterday paving the way for the government to lower its stake in to 51%. India's largest public bank can now go in for a follow-on or rights issue. The government currently holds 59.41% stake and can raise Rs 12,549 crore via the 8% stake sale. The bill may now be introduced in this session of Parliament. The stock is buzzing today.State Bank of India.

Commenting on the same, Ashvin Parekh, Partner and National Leader - Global Financial Services, Ernst & Young, says the bill was long awaited. "It gives the bank leeway to raise further capital. It also allows it to go in for a bonus issue or offer employee stock options."

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