Govt likely to initiate roadshows in two weeks for divestment of its stake in LIC, reports CNBC-TV18; LIC shares trading nearly 3% lower on August 13
Senior government officials told Moneycontrol that investors have raised concerns over the lack of segregation of assets, financials, and non-core components in the Public Sector Undertakings, making it difficult to assess their valuation.
The government plans to invite EoIs from bidders interested in these firms by August to ensure that the divestment is completed by the end of 2025.
Financial bids will be called once the diligence report is finalised, which according to sources may happen by the end of March
According to Kamath, if PSU banks are self-sufficient on capital, the need for divestment is not clear
GIC Re shares are in focus as the government launches a nearly 7 percent stake divestment via OFS on September 4 and 5, with a floor price of Rs 395 per share.
While this is higher by 8.6 percent compared to FY23’s actual miscellaneous capital receipts of 46,035 crore, at Rs 50,000 crore of budgeted divestment receipts, the government seems to have toned down its estimates on this front by a huge margin.
According to ICRA's chief economist Aditi Nayar, disinvestment may not pick up steam immediately. The government is unlikely to include a significantly higher target for the same in the full budget scheduled to be presented on July 23, she added.
Going by news reports, a foreign bank is seen as preferred suitor for Yes Bank. However, the present laws don’t permit a foreign bank to take controlling stake in an Indian bank.
Under the deal, Lupin can receive a potential total consideration of up to $84 million based on future contingent milestones, the company said
On July 10, Moneycontrol had reported that DIPAM is pushing for the strategic sales of firms such as Shipping Corporation of India and NMDC Steel Limited
According to the report, about Rs 5 lakh crore worth of divestments can come from Central Public Sector Enterprises (CPSEs), while public sector banks and insurance firms could add another Rs 6.5 trillion. The total estimate is the maximum the government can achieve without losing its control over these firms, the report said
With the Maharashtra government granting approval for a stamp duty exemption for SCI and the completion of the demerger of SCI's non-core assets, the next step in line is the divestment of the company.
The new government, which is likely to be formed by the NDA if exit polls are anything to go by, will likely focus on disinvestment of IDBI Bank and Shipping Corp of India in its first 100 days in office, according to reports.
Sources tell Moneycontrol that not setting a divestment target is part of the government's larger strategy. Divestment is being considered on the basis of unlocking value with the interest of the minority shareholder in mind.
Vedanta initiated an evaluation of its steel and steel raw material business in June last year amid plans to to focus on its core mining businesses.
As India charts its course towards a 'Viksit Bharat' by 2047, Kant sheds light on infrastructure-led growth as key pillar for sustained economic progress.
The move to not borrow from the market comes in the backdrop of the central government increasing its Budgetary allocation to Indian Railways to Rs 2.52 lakh crore, which is 5 percent higher when compared to 2023-24.
The company should be able to close the gap in profit margins with India listed peers
In October 2018, Advent invested in market leader Manjushree Technopack in partnership with the founding Kedia family. As part of the transaction, Advent purchased all the shares owned by investor Kedaara Capital and a portion of the Kedia family’s stake
The Centre will call for a fresh request for proposal for appointing the asset valuer. This cancellation comes after the government extended the RFP four times
L&T is also working to identify the right time to announce revised tariffs for its Hyderabad metro projects in a bid to improve the viability of the project and make it more attractive for potential buyers, Raman said.
Tech Mahindra (America) Inc, a wholly owned subsidiary of Tech Mahindra Limited, currently holds 30 percent share capital of Avion Networks Inc.
Cipla Middle East Pharmaceuticals, UAE and Cipla Medica Pharmaceutical and Chemical Industries, Yemen have ceased to be subsidiaries of the pharma firm
DIPAM is seeking the services of a respected asset valuation firm registered with the Insolvency & Bankruptcy Board of India (IBBI), it said.
