FY12 divestment programme may kick off with PFC FPO
The divestment programme for 2011-12 could be starting with Power Finance Corporation's follow-on public offer (FPO), reports CNBC-TV18. Finance Minister Pranab Mukherjee has set the divestment target of Rs 40,000 crore for FY12.
April 03, 2011 / 18:31 IST
The divestment programme for 2011-12 could be starting with Power Finance Corporation's follow-on public offer (FPO), reports CNBC-TV18. Finance Minister Pranab Mukherjee has set the divestment target of Rs 40,000 crore for FY12.
PFC FPO is likely in the first week of May, for which the company may file a red herring prospectus (DRHP) in the third week of this month.ONGC and SAIL FPOs, which had been planned in FY11, are likely to happen in the first quarter. But Indian Oil's follow-on public offer is not likely to be rolled out before the end of this year.The finance ministry has prepared a cabinet note for National Buildings Construction Corporation (NBCC) IPO, where 10% divestment is likely.MMTC and RINL FPOs are also likely in FY12.In FY11, the government had garnered more than Rs 22,000 crore through share sale of SJVN, EIL, Coal India, MOIL, Power Grid and SCI while the divestment target was Rs 40,000 crore, so there was huge shortfall. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
