Government to Sell 3% Stake in IOB via OFS, Aims for ₹2100 Crore

• The government will sell up to a 3% stake in Indian Overseas Bank (IOB) through an Offer for Sale (OFS).
• The sale, commencing December 17, is expected to fetch approximately ₹2,100 crore.
• The OFS includes a 2% base offer and an additional 1% via the 'Green Shoe' option.
• Non-retail investors can bid on Wednesday, while retail investors can bid on Thursday.
• This disinvestment aims to comply with SEBI's Minimum Public Shareholding (MPS) norms; 1.5 lakh shares are reserved for eligible employees.

Why It Matters: Government divests 3% of IOB for ₹2100 crore to meet MPS norms, reducing its stake.