Approval to hold a stake in a financial sector company of more than 20%
Financial Sector (Shareholdings) Act 1998
SINCE:
A. on 16 October 2012 the Government of India was granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 60% stake in Bank of Baroda ABN 48 125 314 249 (the company), a financial sector company under the Act (the 2012 Approval);
B. on 28 March 2018 the 2012 Approval was varied under subsection 17(3) of the Act by increasing the percentage specified in the approval from 60% to 70%;
C. the Government of India has applied to the Treasurer under section 13 of the Act for the 2012 Approval to be revoked and for a new approval to hold an 80% stake in the company; and
D. I am satisfied that it is in the national interest to approve the Government of India holding a stake in the company of more than 20%,
I, Clare Gibney, a delegate of the Treasurer:
(a) under subsection 18(3) of the Act, REVOKE the 2012 Approval as varied; and
(b) under paragraph 14(1)(a) of the Act, APPROVE the Government of India holding an 80% stake in the company.
This approval has effect from the date it is signed and remains in force indefinitely.
Dated: 11 March 2020
[Signed]
…………………
Clare Gibney
General Manager – Banking Division
Interpretation
In this Schedule:
financial sector company has the meaning given in section 3 of the Act.
stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.