5 PSB Shares Jump 20% amidst Report of Govt Nod for Fund-raising via QIPs, OFS
Moneylife Digital Team 14 January 2025
Shares of State-run Indian Overseas Bank (IOB), Bank of Maharashtra (BoM), Punjab & Sind Bank, UCO Bank and Central Bank of India jumped nearly 13% to 20% Tuesday amid reports about the Union government approving fundraising plans for these public sector banks (PSBs). 
 
IOB was the biggest gainer among these five PSBs and ended Tuesday 19.24% higher at Rs54.11. Central Bank of India followed it with a gain of 18.36% to close at Rs55.51, UCO Bank (up 17.69%) at Rs45.45, BoM (up 13.29%) at Rs52.77 and Punjab and Sind Bank ending the day 13% up at Rs47.71 on the BSE. The 30-share Sensex closed Tuesday 169 points up at 76,499 points.
 
Quoting sources, a report from CNBCTV18 says the Union government approval is for qualified institutional placement (QIPs) of Rs2,000 crore each and offer for sale (OFS) of these five PSBs. 
 
According to the report, the fund-raising will be executed in small tranches beginning in the current financial year. The department of investment and public asset management (DIPAM) has also been mandated to divest stakes via OFS to increase the public shareholding, it added.
 
Shareholding data from BSE shows that the Union government holds a 79.6% stake in BoM. It also owns a 98.25% stake in Punjab & Sind Bank, a 96.38% stake in IOB, a 95.39% stake in UCO Bank and a 93.08% stake in Central Bank of India as of December 2024.
Comments
Shakeout in Small Caps. What Next?
Debashis Basu, 17 January 2025

Last week, the CNX SmallCap 100 index cracked by 7.3%. On Monday, it crashed a further 4%. The last time the index fell more than this was way back in December 2022 (8.33%). This serious decline comes after months of churning, with...

IPO Review: Laxmi Dental Ltd
Moneylife Digital Team 12 January 2025
Laxmi Dental Ltd (Laxmi) claims to be India’s only end-to-end integrated dental products company. Its offerings include: custom-made crowns and bridges, branded dental products such as clear aligners, thermoforming sheets, and...
Weekly Moneylife Indices & Sector Trends
Moneylife Digital Team 10 January 2025
INDIAN MARKET TRENDS
From 3rd January to 9 January 2025, the NIFTY and the Sensex fell 2% each. ML Mega-cap Index and ML Mid-cap Index fell 3% each. ML Large-cap Index and ML Small-cap Index fell 4% each.  ML Micro-cap Index fell...
Wealth Creators Series 2014-24- Part-1: A Snapshot of Wealth-Creation over the Past 10 Years
Sher Singh Yadav  and  Pratibha Kamath 10 January 2025
Now in its remarkable 19th year, our long-standing Wealth Creators’ series returns, to engage and inform. As with the previous years, we will identify stocks and sectors that have delivered the highest returns to investors over the...
Array
Free Helpline
Legal Credit
Feedback