The sale of 5 per cent stake, or about 20.65 crore shares, of the steel maker at the current market price of Rs 77.15 apiece would fetch the exchequer around Rs 1,600 crore.<br />
Coal India Ltd (CIL) board had earlier also discussed about concession agreement pertaining to PPP model.<br />
Coal India, the world's largest coal mining company, alone could raise around Rs 23,000 crore based on its current share price.<br />
When the overall energy policy is unclear, the NDA government is likely to get less value for Coal india and ONGC share sales
Sources said the Cabinet Committee on Economic Affairs (CCEA) has approved the disinvestment department's proposal to offload 10 per cent stake through Offer For Sale (OFS) route.<br />
The Budgeted disinvestment target of Rs 58,425 crore include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies.<br />
Indian Railways, which is facing cash crunch, is looking at various ways to mobilise resources for undertaking its expansion programme.<br />
Inter-ministerial differences, trade union protests and unfavourable market conditions have left the government's PSU disinvestment programme high and dry prompting Prime Minister Manmohan Singh to intervene to speed up the process to achieve the Rs 40,000 crore target through this route.
The board of the state-run company has approved buying back of 10 percent of total shares or over 123 crore shares on a proportionate basis from shareholders, at a price of Rs 19.25 apiece.
With market conditions unlikely to improve in the near future, it will be difficult for the government to meet its Rs 40,000 crore disinvestment target for the year, a Reuters report said yesterday.
As many as 10 merchant bankers, including ICICI Securities and SBI Cap, had evinced interest in managing the stake sale.
Global rating agency Fitch today revised its outlook on Issuer Default Ratings of seven state-owned firms, including GAIL, IOC and NTPC, to stable from negative.
The Indian equity markets closed in the red while investors waited for positive clues from global markets and the RBI policy review on 19 March to uplift the sentiment that the Union Budget dragged down.
All the 16 projects that were to be completed by the four state-run entities by March 2012.
Reliance Infra's tariff hikes in Mumbai are regular and timely. In Delhi, the last tariff hike was too little, too late, and NHPC has yanked supplies.
Apollo is one of the two large Indian tyre companies that have been able to maintain their market shares - at 21 percent each - in the last six years compared to its counterparts whose shares have fallen.
The damage in Sikkim due to the earthquake would have been far less had the state was not stripped of its green cover due to the