Cabinet clears conversion of preference shares to equity in 3 banks

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Government holding in Indian Bank would go up to 82.22 per cent from existing 80 per cent. Government holding in Indian Bank would go up to 82.22 per cent from existing 80 per cent.
SummaryGovernment holding in Indian Bank would go up to 82.22 per cent from existing 80 per cent.

Perpetual cumulative Preference Shares (PCPS) and Innovative Perpetual Debt Instruments (IPDI) do not qualify to be counted for Tier-l capital of the banks.

The government had, in the past, infused capital by way of these instruments in the public sector banks.

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