Thursday, September 11, 2014

clears stake sale in CIL, ONGC, NHPC; may get Rs 43k cr

"Disinvestment proposals of ONGC, Coal India and NHPC have been cleared by the Cabinet Committee on Economic Affairs," an official source said after a meeting of the CCEA, headed by Prime Minister Narendra Modi.

At current market prices, the sale of shares in state- owned CIL, ONGC and NHPC could garner over Rs 23,000 crore, Rs 18,000 crore and Rs 2,800 crore respectively, helping the government meet its disinvestment target of Rs 43,425 crore for this fiscal.

CCEA has cleared 10 per cent stake dilution in CIL, 5 per cent in ONGC and 11.36 per cent in NHPC through the Offer For Sale (OFS) route, sources said.

The government has already selected merchant bankers for managing ONGC and NHPC disinvestment and is in the process for doing so for CIL.

The previous government had cleared disinvestment in SAIL and according to sources the 5 per cent stake sale in the state-owned steel maker is likely to hit the markets this month.

The sale of 5 per cent stake or about 20.65 crore shares of SAIL at the current market price of around Rs 80.95 a piece would fetch the exchequer over Rs 1,600 crore.

The Cabinet had in July 2012 approved 10.82 per cent stake sale in SAIL. Accordingly, the first tranche of disinvestment of 5.82 per cent was completed in March 2013.

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