New Delhi, June 19 -- The Centre plans to raise around Rs.13,000 crore through a 8-10% coordinated offer for sale (OFS) in Punjab & Sind Bank, UCO Bank and Indian Overseas Bank (IOB) to meet the minimum public shareholding (MPS) norms prescribed by the Securities and Exchange Board of India (Sebi), according to three people aware of the development.

The government's shareholding in Punjab & Sind Bank, UCO Bank and IOB stands at 93.85%, 92.44% and 90.95%, respectively. The government recently raised Rs.2,266.13 crore by diluting 8.08% stake in Central Bank of India through an OFS. As of 18 June, the Centre has mobilized Rs.13,389.42 through disinvestment in FY27 and needs to raise another Rs.66,610.58 crore to meet its annual target.

OFS...