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With the oversubscription of the offer-for-sale (OFS) of state-owned Bank of Maharashtra, the government is expected to realise about Rs 2,492 crore by diluting its 6 per cent stake in the bank. With the allotment of shares, the Pune-based lender would become Minimum Public Shareholding compliant with the Sebi norms. The OFS of Bank of Maharashtra closed for subscription Wednesday at a floor price of Rs 54 per share. At this price, the government would mop up about Rs 2,492 crore by divesting its 6 per cent stake in the lender. Prior to the OFS, the government's holding in the bank was 79.60 per cent. With the stake dilution to 73.6 per cent, the bank would be able to meet the MPS norm of 25 per cent as the government stake would come below 75 per cent. "The second day of Bank of Maharashtra OFS closed with good interest from investors and 1.72 times subscription. With this, the Bank is now Minimum Public Shareholding compliant. We thank all investors for their participation," ...
Dedicated refinance window on the lines of NHB for the NBFC sector and aligning long-term capital gains tax with fixed deposits to encourage deposit mobilisation are some of asks presented before Finance Minister Nirmala Sitharaman on Wednesday during a pre-Budget meeting with the representatives of BFSI sector here. There is a need to create a dedicated refinance window for NBFCs (non-banking financial companies) to ensure a smooth and sustainable flow of funds and resources raised through this mechanism may be exclusively used to finance MSMEs and priority sectors, Finance Industry Development Council CEO Raman Aggarwal said after the meeting. With regard to recovery, he said, there was a suggestion for tweaking of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act so that NBFCs can benefit from this. Currently, he said, the limit under SARFAESI Act is Rs 20 lakh which can be reduced so that smaller NBFC players can be ...
Representatives of capital markets on Tuesday pitched for reductions in transaction tax and measures to deepen the financial sector in the upcoming Budget. Suggestions regarding improving efficiency of capital markets and increasing capital market inclusion were also made during the pre-Budget meeting with Finance Minister Nirmala Sitharaman, sources said. Representatives of the sector sought lower Securities Transaction Tax (STT) on cash market trade as compared to derivatives, sources said. This was the fourth pre-Budget meeting between the finance minister and representatives of capital markets, including BSE, Multi Commodity Exchange, Association of Mutual Funds in India, Association of Registered Investment Advisers, and Commodity Participants Association of India. Capital markets facilitated resource mobilisation of Rs 14.6 lakh crore in FY25, marking a 33 per cent increase over the previous year. The use of a broad spectrum of financial instruments -- ranging from equity an