'PSU banks stakes to be sold at proper valuation'

Pune, Jan 3: Terming the sale of government stake in public sector banks as "stake of the people of India", union Minister of State for Finance Jayant Sinha Saturday said the deals will be made at "appropriate valuation". "It is our responsibility to ensure that if we're going to dilute our stake, which is the stake of the people of India, we'll do it at an appropriate valuation. We're certainly not going to do it at a valuation that will result in too much dilution for the people of India," the minister said on the sidelines of the two-day bankers' conclave at the NIBM. The union cabinet had recently said it will reduce the government's stake in 27 public sector banks from the current 56 percent to 52 percent.