Govt to seek cabinet approval to dilute SBI stake

Posted By: Staff
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New Delhi, Jul 22: Finance Secretary Ashok Chawla said on Wednesday, Jul 22 that Centre will seek cabinet approval to reintroduce its stake in State Bank of India (SBI).

Speaking to media Chawla said, "The government will have to take the approval of the cabinet to reintroduce the bill in Parliament." He also said, "The bill said the government's stake may be lowered up to 55 per cent in SBI."

Earlier, O P Bhatt chairman of SBI said in Jan 2009 that the bank need to raise between $2 billion to $4 billion in equity during 2009-10.

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