EGoM to finalise ONGC, BHEL share sale process tomorrow

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EGoM to finalise ONGC, BHEL share sale process tomorrow

The decks maybe cleared for the government to auction its stakes in PSUs. Sebi's guidelines for the institutional placement programme is expected to be announced today, reports CNBC-TV18's Akanksha Sethi

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Excerpts from India Business Hour on CNBC-TV18 Watch the full show »

The decks maybe cleared for the government to auction its stakes in PSUs. Sebi's guidelines for the institutional placement programme is out, but the EGoM is set to meet on the matter tomorrow to decide the process of auction.

Aakansha Sethi of CNBC-TV18 reports that the attempt is sort of saving face, in the sense that they hope to get at least Rs 10000 crore from this disinvestment in this fiscal since they can't meet that Rs 40000 crore disinvestment target.

The government has been looking at auctions in ONGC and BHEL  for a very long time now. They were waiting for the SEBI guidelines on auctions and institutional placement program, and now that that is in place, the EGoM is set to decide the methodology and the price of the offer at a meet tomorrow.

The disinvestment secretary is hopeful that the government will spring into action on ONGC and BHEL.

Final decision on whether ONGC will be an FPO or will it be an auction still has to be taken, but it is for now on the table for an auction. And of course with BHEL, it is likely that it will happen in March.

There is a tough road ahead because once the auction guidelines are in place, they will have to make sure that all requirements are met, the road map will be built and they don't have much time to do that with only about two months left for the fiscal to end.