{"id":81675,"date":"2023-01-06T10:28:00","date_gmt":"2023-01-06T04:58:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=81675"},"modified":"2023-01-06T10:24:47","modified_gmt":"2023-01-06T04:54:47","slug":"biz-idbi-sebi","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-idbi-sebi\/","title":{"rendered":"Sebi permits govt stake in IDBI Bank to be classified as &#8216;public&#8217; post divestment"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-933797951\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>IDBI Bank on Thursday said the Sebi has permitted the Union government to classify its stake in the bank as &#8220;public&#8221; after its stake sale on condition that its voting rights do not exceed 15 per cent of the total voting rights.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-983825756\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The intention of the Government of India to get its shareholding re-classified as public holding shall be specified in the letter of offer dispatched to the shareholders of IDBI Bank in connection with open offer made by the new acquirer, IDBI Bank said citing the letter of Sebi.<\/p>\n<p>After completion of the strategic disinvestment, IDBI Bank has to make an application to the Stock Exchanges for reclassification of Government of India holding under the public category, it said in a regulatory filing.<\/p>\n<p>Further, the Securities and Exchange Board of India (SEBI) has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale, it said.<\/p><div class=\"trade-content_5\" id=\"trade-1398706762\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Last month, the government extended the deadline to submit preliminary bids for the lender till January 7.<\/p>\n<p>The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October. The last date for submitting expression of interest (EoI) or preliminary bids was December 16.<\/p>\n<p>The government and Life Insurance Corporation (LIC) hold 94.71 per cent stake in IDBI Bank.<\/p>\n<p>The successful bidder will have to make an open offer for acquisition of 5.28 per cent stake from public shareholders.<\/p>\n<p>The government, with a more than 45 per cent stake in IDBI Bank, is currently classified as a co-promoter of the lender. The government is looking to sell its 30.48 per cent stake in IDBI Bank, while state-backed LIC will offload its 30.24 per cent share in the lender.<\/p>\n<p>Earlier this week, the government exempted public sector entities from the Minimum Public Shareholding (MPS) norm which mandates at least 25 per cent public float for all listed companies.<\/p><div class=\"trade-content-10\" id=\"trade-507581073\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>The exemption would apply to these entities regardless of the government&#8217;s direct or indirect holding. PTI DP CK<\/p>\n<div class=\"trade-after-content\" id=\"trade-4089028728\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>IDBI Bank on Thursday said the Sebi has permitted the Union government to classify its stake in the bank as &#8220;public&#8221; after its stake sale on condition that its voting rights do not exceed 15 per cent of the total voting rights. The intention of the Government of India to get its shareholding re-classified as [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-81675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sebi permits govt stake in IDBI Bank to be classified as &#039;public&#039; post divestment - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-idbi-sebi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sebi permits govt stake in IDBI Bank to be classified as &#039;public&#039; post divestment\" \/>\n<meta property=\"og:description\" content=\"IDBI Bank on Thursday said the Sebi has permitted the Union government to classify its stake in the bank as &#8220;public&#8221; after its stake sale on condition that its voting rights do not exceed 15 per cent of the total voting rights. 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