The Special National Investment Fund was created to help some CPSEs meet the minimum public shareholding requirement. Since the govt was holding more in some of them, the fund was created to park a part of the excess holding.
Among the PSUs in the OFS pipeline are Indian Railway Finance Corporation, Ircon International, Mazagon Dock Shipbuilders Limited and NLC India Limited.
The government’s holding in RVNL will come down from 78.20 per cent to 72.84 per cent after the completion of share allotment to bidders.
Last year, in May, the foreign parent of Fresenius Kabi, an Indian oncology drugs company, announced its intention to sell up to 15% promoter stake and reduce its shareholding to 75% via one or more OFS.
SEBI issued an order late on Tuesday stating 105 firms have not complied with minimum 25 percent shareholding norms and it will take action against these firms and their promoters and or directors.
Securities Appellate Tribunal (SAT) today stayed market regulator Securities and Exchange Board of India enforcing minimum public shareholding norm deadline of June 3 on Gillete India.
Finance minister P Chidambaram on Tuesday said listed companies must comply with Sebi's minimum public shareholding requirement as enough time has been given to them by the market regulator.
DLF, the biggest real estate company in India, gained more than 2 percent on Tuesday as the board of directors will meet on Wednesday, March 6 to consider offer for sale.