The government currently holds 59.41 per cent of the bank.
New Delhi: India will seek cabinet approval to dilute government stake in State Bank of India, the country's biggest lender, Finance Secretary Ashok Chawla said on Wednesday.
"The government will have to take the approval of the cabinet to reintroduce the bill in parliament," Chawla told Reuters.
"The bill said the government's stake may be lowered up to 55 per cent in SBI, " he said.
The government holds 59.41 per cent of the bank and its chairman O P Bhatt said in January the bank may need to raise between $2 billion to $4 billion in equity during 2009/10.
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