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Bank of Maharashtra, BOI, IOB and Central Bank of India shares gain over 10% each on potential privatisation

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Potential Privatization

Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the officials said.

 

Shares of Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India  gained more than 10 percent each in the early trade on February 16 on reports of privatization of these banks.

The government has shortlisted four mid-sized state-run banks for privatization, under a new push to sell state assets and shore up government revenues, three government sources said.

The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank, and the Central Bank of India, two officials told Reuters on condition of anonymity as the matter is not yet public.

Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the officials said. The shortlist has not previously been reported.

The government hopes that the Reserve Bank of India, the country’s banking regulator, will soon ease lending restrictions on Indian Overseas Bank after an improvement in the lender’s finances that could help its sale.

The Nifty PSU Bank Index added over 2 percent led by the Bank of Maharashtra, Bank of India, Indian Overseas Bank & Central Bank of India, UCO Bank, and Union Bank of India

Bank Of India touched a 52-week high of Rs 66 and quoting at Rs 64.10, up to Rs 5.25, or 8.92 percent. Also, Bank of Maharashtra touched a 52-week high of Rs 18.50 and quoting at Rs 18.35, up to Rs 2.45, or 15.41 percent.

Central Bank of India was quoting at Rs 15.60, up to Rs 1.65, or 11.83 percent and Indian Overseas Bank was quoting at Rs 12.40, up to Rs 1.45, or 13.24 percent on the BSE.

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