Comments
The Government of India has been exempted from the obligation of having to make an open offer in Vijaya Bank, which got triggered when the bank converted preference shares worth ₹1,200 crore into equity shares (at ₹39.39 a share) thereby increasing the Centre’s stake by 14.26 per cent (from 59.8 per cent to 74.06 per cent). SEBI, in its order, exempting the Central Government from the open offer obligation, said the conversion was being done to maintain capital adequacy ratio as stipulated under the Basel III norms. Further, there was no change in management control of the bank and hence it was a fit case for exemption.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.