Five public sector lenders, including Bank of Maharashtra, IOB, and UCO Bank, plan to decrease government ownership to under 75% to meet Sebi's minimum public shareholding (MPS) requirements. While four out of 12 public sector banks already comply, the remaining five are formulating plans to fulfill the MPS condition by August 2024. Financial Services Secretary Vivek Joshi highlighted that banks have options like follow-on public offerings or Qualified Institutional Placements to reduce government stakes.
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