India`s SEBI allows Government stake in IDBI Bank to be reclassified as public post sale
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BENGALURU - India's market regulator has allowed the government's shareholding in IDBI Bank to be reclassified as "public" after its stake sale on condition that its voting rights do not exceed 15%, the lender said on Thursday.
The government, with a more than 45% stake in IDBI Bank, is currently classified as a co-promoter of the lender.
The Securities and Exchange Board of India (SEBI) also directed the new acquirer to comply with minimum public shareholding norms within one year of the sale, IDBI said in a regulatory filing.
