Oncoclinicas agrees to sell stake in UMC for BRL160m

Oncoclinicas agrees to sell stake in UMC for BRL160m

The Indian government has appointed Goldman Sachs as the transaction advisor to manage the divestment of stakes in Indian Overseas Bank (IOB), Central Bank of India, UCO Bank, and Punjab & Sind Bank. The global investment banking firm will identify potential investors and structure deals for smooth execution [1].

Goldman Sachs will work to identify suitable bidders for the government's stake in these banks, which currently exceeds 90% in each institution. The firm will also structure deals to ensure a seamless process. This move underscores the government's commitment to disinvestment and signals a shift towards meeting mandatory minimum public float norms for state-run banks [1].

The stake dilution exercise is part of the government's broader strategy to comply with the 25% minimum public shareholding requirement, which has been temporarily exempted for state-run listed companies, including banks. The latest move indicates the government's seriousness about ensuring compliance with this requirement [1].

Reference:
[1] https://economictimes.indiatimes.com/industry/banking/finance/banking/goldman-to-advise-govt-on-stake-sale-in-four-banks/articleshow/123510850.cms