August 29, 2011 / 18:24 IST
The Cabinet Committee of Economic Affairs (CCEA) will take up follow-on-public offer of BHEL for discussion on Tuesday.
The sale of 5% stake in power equipment maker BHEL is expected to mop up over USD 1 billion (about Rs 4,700 crore) for the government. The government has appointed four merchant bankers -- Morgan Stanley, DSP Merrill Lynch (Bank of America), ICICI Securities and Kotak Mahindra Capital -- for BHEL's follow-on public offer.
The proposed share sale in Bharat Heavy Electricals Ltd (BHEL) is part of government's ambitious programme to garner Rs 40,000 crore through disinvestment in the current fiscal.
At the end of June quarter, the government held 67.72% stake in BHEL. The government has mopped up more than Rs 1,100 crore by divesting 5% equity in Power Finance Corporation (PFC) in the current fiscal.
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