Reserve Bank's SBI stake transfer on Jun 29

The State Bank of India (SBI) has amended an ordinance in the SBI Act, 1955 to enable the transfer of the Reserve Bank of India's entire shareholding in the bank to the Central government.

According to the release issued by SBI to the the BSE, pursuant to the provisions contained in the ordinance, RBI's entire shareholding aggregating 314 million equity shares of face value Rs 10 each, will be transferred to the government on June 29, 2007 against a cash payment of Rs 35,531.33 crore.