By Admin 
Psu bank stock: Public sector banks (PSB) shares rose up to 4 percent on Tuesday. Indian Overseas Bank’s share price rose by 4 percent to Rs 38.99 per share. Similarly, the shares of Central Bank of India reached Rs 39.00 with an increase of 2.68 percent. UCO Bank’s share price also rose 2.7 percent to Rs 32.14 and the shares of Bank of Maharashtra increased by 2.8 percent to Rs 56.15. Meanwhile, Punjab & Sindh Bank’s share price is trading at Rs 32.30 with a jump of 3.4 percent.
This is the reason for sharing shares
According to the CNBC Awaaz report, the government is going to accelerate the process of selling its stake in these banks. For this, merchant bankers will be appointed in the next few days. The government aims to sell stake in five PSU banks in five PSU banks through qualified Institutional Placement (QIP) and Offer for Sale (OFS) over the next six months.
Government in preparing to sell its stake in these banks
Among the banks that the government will reduce its stake is UCO Bank, Bank of Maharashtra, Indian Overseas Bank, Central Bank of India and Punjab and Sindh Bank. The government’s share in all these banks is more than 80 %. The amount received from them will be used to meet the capital and operational requirements of the respective banks.
This boom in the shares of PSU Bank had an impact on the PSU bank index. It opened at 6,969.60 with a slight gain of 6,952 percent of its last closed 6,952 percent and reached Intrade High with a rise of 1.05 percent during the business. All the Nifty PSU bank index was seen doing business in the Green Zone except Canara and Union Bank.
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