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Govt share sale in SAIL, NMDC may mop up Rs 30000cr
As a part of divestment programme, Steel Ministry said SAIL and NMDC's divestment is likely this fiscal. Government's share sale in these companies may mop up up to Rs 30,000 crore.
As a part of divestment programme, Steel Ministry said SAIL and NMDC 's divestment is likely this fiscal. Government's share sale in these companies may mop up up to Rs 30,000 crore.
The government would raise Rs 8,000 crore via 5% stake sale and Rs 8,000 crore via fresh issue in SAIL while would raise up to Rs 14,000 crore via 8.4% NMDC stake sale. These stocks were up 2.75% and 1%, respectively.
On Friday, the government announced that stake sale in NTPC, Rural Electrification Corp and Satluj Jal (an unlisted company) would go through in the fiscal year 2009-10. Listed NTPC would see a disinvestment to the tune of 5% in which the government would raise Rs 8,100 crore, Divestment Secretary Sunil Mitra. NTPC Chairman said expects DRHP (draft red herring prospectus) to be filed by December and expects FPO to hit markets in February.
Recently, the Cabinet announced that all listed public sector undertakings (PSUs) should increase public shareholding to 10% while all profitable unlisted companies should go public. Mitra said the government had identified 50 unlisted public companies and 10 listed companies.
In the last week, the Ministry of Power (MoP) has given approval for follow-on public offer (FPO) of the Rural Electrification Corporation of 171,732,000 equity shares of Rs 10 each constituting 20% of existing paid-up capital. The stock was up 2.4% today.
