The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for President of India
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The President of India, acting through the Department of Financial Services (the promoter), sold approximately 41.78 crore equity shares of Indian Overseas Bank through an Offer for Sale (OFS) on the stock exchanges on December 17-18, 2025. This represents 2.17% of the bank's total paid-up equity share capital, slightly above the base offer size of 2% (with a 1% green-shoe oversubscription option). Before the sale, the promoter held 94.61% (18,21,83,26,570 shares); after the sale, the promoter's stake stands at 92.44% (17,80,04,88,299 shares). The transaction was carried out under SEBI's OFS framework via BSE and NSE, with a small additional allocation offered to eligible bank employees.
This is part of the Government's ongoing disinvestment programme in public sector banks. While the 2.17% dilution adds some supply-side pressure, absorption is managed through the structured OFS window. Government control is unaffected as the promoter still holds a dominant 92.44% stake post-sale.