Govt to sell stakes in BHEL via auction route, say sources

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Govt to sell stakes in BHEL via auction route, say sources

Ahead of an Empowered Group of Ministers (EGoM) to decide how much stake the government should divest in Bharat Heavy Electricals (BHEL) and Oil and Natural gas (ONGC) and by which options, CNBC-TV18 has learnt that they are likely to consider sale of shares via the auction route.

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Ahead of an Empowered Group of Ministers (EGoM) meeting  to decide how much stake the government should divest in Bharat Heavy Electricals (BHEL) and Oil and Natural gas (ONGC) and via which options, CNBC-TV18 has learnt that they are likely to consider sale of shares via the auction route.

The divestment plan will fetch around Rs 15,000 crore to the government.

The Securities and Exchange Board of India, had earlier this month approved the offer for sale of shares through stock exchanges.

 After the divesting its stakes, the government's holding will come down to 69.14% in ONGC and 62.72% in BHEL. The Government has set a disinvestment target of Rs 40,000 crore this year, but only over Rs 1,100 crore has been raised so far.

Listen to the accompanying audio for the Union Petroleum Minister's comments on the same..