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The stock hit a high of Rs 43.85 on BSE -- a level last seen on 2 May
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PEL had initially invested $650 million in 2012 to acquire DRG, of which $260 million was infused as equity
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Of the total target, Rs 46,500 crore will be mobilised through minority stake sale and Rs 15,000 crore from strategic disinvestment.
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Welspun Enterprises Ltd (WEL) is looking to divest its entire 15.49 per cent stake in Welspun Energy.
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In accordance with its plan to dilute share in public sector undertakings (PSUs), the government is now looking to sell some of its stake in NMDC, NALCO, BHEL via offer for sale (OFS) route.
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In an interview to CNBC-TV18, Surender Bhatia, MD of Shalimar Paints said that the promoters neither have any plans to divest or sell stake in the company nor are in talks for any acquisitions or take-overs.
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The company has undertaken a restructuring exercise and estimates a 10-15 percent volume growth in first quarter of FY17, Rakesh Bhartia, CEO of India Glycols said.
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Drug firm Strides Shasun has decided to divest the company's UK arm Shasun Pharma Solutions Ltd to its current management for an enterprise value of GBP
25 million (over Rs 240 crore)
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Indian steelmakers including Tata Steel Ltd, JSW Steel Ltd and Jindal Steel have seen sales dented in the past few quarters due to rising imports from China, Japan, South Korea and Russia.
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HAL chairman T Suvarna Raju does not see too much competition in defence space despite the emergence of the sector and a lot of micro small and medium enterprises (MSMEs). According to him, HAL would like to move along with other companies.
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The government currently holds 89.65 percent stake in CIL. As per the minimum shareholding norms for listed companies, the government needs to lower its stake in the state-run behemoth to 75 percent.
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A senior finance ministry official said that state-run manganese miner MOIL Ltd could be the next in line with a 10 percent stake sale.
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A planned stake sale in Coal India (CIL) in the last financial year had to be deferred after stiff opposition from the trade unions. The coal major had to make up for that by paying about Rs 19,000 crore as dividend to the exchequer.
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The Empowered Group of Ministers, headed by Finance Minister P Chidambaram, today decided on the price band and timing of the issue.
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"The company's indirect subsidiary in Hong Kong, Bharat Forge Hongkong has divested its 51.85 percent stake in its Chinese JV operations (FAW Bharat Forge (Changchun) Company Ltd) to its joint venture partner, China FAW Corporation, for USD 28.20 million," Bharat Forge said in a filing to the BSE.
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As a result, oil producer Oil and Natural Gas Corp (ONGC) is now operating power plants, bought a refinery, opened petrol pumps and is planning a fertiliser unit, while refiner Indian Oil Corp (IOC) is taking upstream exploration blocks.
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It has been a year since L&T has been attempting to divest stake in its infrastructure arm IDPL. While reports suggest the company is hoping to raise over USD 500 million through a possible stake sale, the management says determining valuations of assets in this economic scenario is taking longer than expected.
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CNBC-TV18's Aakansha Sethi reports more divestments are on the cards. Apart from Power Grid at this point in time, among the government‘s key divestment issues is the 10 percent stake sale in Coal India that the cabinet will take up over the next few weeks.
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Ajay Piramal who owns 11 percent stake in Vodafone India Ltd, is looking to exit its investment in Vodafone next year.
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GMR hosted an analyst meet on Tuesday to discuss the outlook of its power projects and asset sale plan. The company has now shifted its focus from acquiring new assets with significant equity commitments to cash generation, reports CNBC-TV18's Pragya Bharadwaj.
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The Cabinet and the CCEA will meet on the 10th January to consider several proposals including divestment in EIL.
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Engineering major Larsen & Toubro(L&T) plans to divest its stake in L&T Infrastructure Development Projects (IDPL) by the end of the fiscal.
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According to sources, Government is going to divest 12.5% in NALCO, 9.59% in Hindustan Copper, 10% in Oil India and 5% in Neyveli Lignite, reports CNBC-TV18. At 09:22 hrs NALCO was quoting at Rs 54.80, up Rs 2.60, or 4.98%.
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Gujarat Gas Company Ltd (GGCL) today confirmed that its majority stakeholder BG Group was likely to divest its stake in the company, which had emerged as India's largest private sector natural gas transmission and distribution company in terms of sales volumes.
