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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