New Delhi, Feb. 25 -- The Indian government is set to undertake minority stake sales in select state-run banks and financial companies through the offer for sale (OFS) route, according to a notice on the Department of Investment and Public Asset Management (DIPAM) website.

To facilitate the process, bids have been invited for appointing merchant bankers and legal advisers, with a submission deadline of March 27.

Though the document did not specify the banks involved, reports suggest the government plans to dilute stakes in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank.

The move aims to align with the market regulator's public shareholding norms, which require a 25 per cent public stake in listed compan...