The Securities and Exchange Board of India (Sebi) on Tuesday exempted the Centre from the takeover code obligations for its investment in Dena Bank, Bank of India and Corporation Bank. The Central government plans to infuse Rs 407 crore in Dena Bank, Rs 2,455 crore in Bank of India and Rs 857 crore in Corporation Bank. The infusion of capital, part of the government’s ‘Indradhanush’ initiative, would have triggered an open offer as the government’s stake in these banks would have increased by more than five per cent. In Dena Bank, the government’s stake is likely to increase 5.25 per cent – from 59.75 per cent to 65 per cent. In Bank of India, the government’s shareholding might raise from 64.43 per cent to 70.13 cent – an increase of 5.7 per cent. For Corporation Bank, the stake increase could be 5.78 per cent to 69.11 per cent. 

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