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PSU stake sale could raise Rs 45,000 cr
An amount of Rs 45,000 to Rs 53,000 crore. That’s the rough estimate of the sums that could be raised through sale of stake in select central PSUs over the next year, if the proposals mooted in the recent weeks go through.
An amount of Rs 45,000 to Rs 53,000 crore. That's the rough estimate of the sums that could be raised through sale of stake in select central PSUs over the next year, if the proposals mooted in the recent weeks go through.
This amount is sizeable, as the cumulative proceeds raised till date from the divestment programme kicked off in 1991 are only Rs 53,400 crore.
The UPA Government, voted to a second term, has sought to revive plans for the divestment of minority stake in government-owned companies put on the back-burner last year. About nine PSUs may make it to the market over the next few months, going by the indications from the respective Ministries.
More than half of the proceeds may come from just two high-profile offers - a 10 per cent stake sale each in BSNL and Coal India.
The telecom behemoth BSNL is the most valuable PSU lined up for divestment.
At Rs 300-400 a share, the company's total worth was pegged between Rs 1,50,000 crore andRs 2,00,000 crore ($31-42 billion), in a valuation exercise cited by the Telecom Minister last year.
Though that is much lower than the original expectations of $100 billion quoted at the height of the bull market, it is realistic given the prevailing market valuations for its nearest rival, Bharti Airtel .
Bharti Airtel enjoys a current market capitalisation of Rs 1,54,000 crore. BSNL, with a subscriber base of 84 million mobile and landline users, reported profit of Rs 3,009 crore on revenues of Rs 38,052 crore for 2007-08.
This amount is sizeable, as the cumulative proceeds raised till date from the divestment programme kicked off in 1991 are only Rs 53,400 crore. 
