India to sell up to 3% stake in Indian Overseas Bank

Bank of Maharashtra

16/12/2025 14:35

Dec 16 (Reuters) - India will sell up to 3% stake in state-owned Indian Overseas Bank IOBK.NS, bringing the lender closer to complying with minimum public shareholding requirements set by the markets regulator.

The Securities and Exchange Board of India requires listed companies to maintain a minimum 25% public shareholding, though it has exempted state-owned firms from meeting the threshold until August 2026.

The floor price for IOB's open offer has been set at 34 rupees per share, a discount to Tuesday's close of 36.6 rupees, with non-retail bids opening on Dec. 17 and retail bids on Dec. 18.

As of end-September, the government held about 94.6% stake in IOB, exchange data showed.

Earlier this month, the government had also opened an offer for the sale of up to 6% stake in Bank of Maharashtra BMBK.NS, to reduce its stake in the bank to below 75% from 79.6%.

 (Reporting by Anuran Sadhu in Bengaluru; Editing by Krishna Chandra Eluri)

 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))