Friday, December 12, 2014

Finance ministry expects good response to future disinvestment

THE recent stake sale in SAIL has encouraged the finance ministry for future stake sale. The Ministry hopes that the momentum will continue and future stake sale of PSUs would be well received up by investors, says a media report.
"Several other companies are on radar for disinvestment. We hope that divestment momentum will continue," the...
media report quoted a top finance ministry official as saying.
The government will sell stake in leading PSUs like ONGC, Coal India and NHPC in the current fiscal and hopes to mop up Rs 43,425 crore through the stake sale.
The other companies which are on the agenda include 10 percent stake dilution in Hindustan Aeronautics besides 5 percent each in Container Corporation of India, PFC and REC.
The disinvestment drive got a big boost with steel major SAIL's share sale being subscribed more than two times fetching the exchequer Rs 1,715 crore.
"In two-and-a-half years many PSUs have to meet 25 percent shareholding norm. We are careful of bunching of stake sales and we will do it in a staggered manner," the official said.
Capital market regulator Sebi had earlier this year cleared a proposal for ensuring at least 25 percent public holding in all the listed state-owned companies within three years.
The decision would help the government raise close to Rs 60,000 crore from the sale of shares in around 35 listed PSUs where the public shareholding is less than 25 percent.
The first disinvestment offering this fiscal saw retail investors subscription touching 2.08 times (42.93 crore shares) of the 20.65 crore shares on offer.
Government's stake in SAIL will come down to 75 percent pursuant to this public issue, helping the company to meet Sebi's listing norms.

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