2017-18 Disinvestment - NDA Govt to sell stakes in seven blue-chip state-run companies Monday April 17,2017
The NDA Government will sell stakes in seven blue-chip state-run companies, including Indian Oil Corp and Steel Authority of India, as it looks to raise cash to fund its ambitious infrastructure and social projects.
IOC: 3% (58.28%)
SAIL: 10% (75%)
NTPC: 10% (69.74%)
NHPC: 10% (74.5%)
PFC: 10% (67.8%)
NLC: 15% (90%)
REC: 5% (60.64%)
The sales could fetch the government about Rs 34,500 crore at the last closing price of their stocks.
The finance ministry invited merchant banks and legal advisers on Monday April 17,2017 to help with the share sales that are also crucial for the government to meet the fiscal deficit target of 3.2% of GDP in 2017-18. The government aims to raise Rs 72,500 crore from disinvestment during the period.
The companies listed for part sale include the National Thermal Power Corp, Rural Electrification Corp, Power Finance Corp, Neyvelli Lignite Corp and hydro power company NHPC
The government will sell the stakes through the offer-for-sale route, meaning by auction on stock exchanges