Press Esc to close
Monday 20 April 2015
News updated at 12:30 AM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

Centre kicks off disinvestment

New Delhi, Nov 21, 2012, DHNS :

Hind Copper stake sale on Friday

The government’s delayed disinvestment process will finally kick off on Friday with the offloading of 4 per cent share in the leading public sector copper producer Hindustan Copper Limited (HCL).

HCL is the first public sector company to go under the hammer this fiscal year through which the government aims to garner Rs 30,000 crore.

“HCL disinvestment will happen on Friday. The first tranche is only going to be 4 per cent,” Disinvestment Secretary Halim Khan told reporters.

The government has decided to go in for divestment in two tranches, Khan said adding, “We don’t want to flood the market with extra liquidity so we are divesting stakes in two tranches.”

The floor price for the equity sale will be decided on Friday after the stock market closes, he said. Desperate to garner target revenue from divestment, the government has also permitted the state-owned Life Insurance Corporation to invest upto 30 per cent in a company as against the prevailing rule of 10 per cent.

The new norms will enable the cash-rich LIC to pick up higher equity in state-owned companies during the disinvestment process without caring for whether the auction  evokes much response from other buyers.

However, this has not gone down well with insurance regulator Irda which has publically expressed disappointment with the decision.

Post disinvestment, the government’s shareholding would come down to 90 per cent in the company.


Go to Top

Photo Gallery
Narendra Modi talking with BJP veteran LK Advani during 'Garib Kalyan Yojana',...

Narendra Modi talking with BJP veteran LK Advani during 'Garib Kalyan Yojana',...

A view of the Kedarnath Shrine before it reopens on April 24 for general public...

A view of the Kedarnath Shrine before it reopens on April 24 for general public...

Snowed down surroundings of Kedarnath Shrine before it reopens on April 24 for general public...

Snowed down surroundings of Kedarnath Shrine before it reopens on April 24 for general public...

Sania Mirza (C) with Prarthana G. Thombare (3rd from R) and other team members...

Sania Mirza (C) with Prarthana G. Thombare (3rd from R) and other team members...

VK Singh interacts with people rescued as part of Operation Raahat...

VK Singh interacts with people rescued as part of Operation Raahat...

Rahul Gandhi helps  Kiran Chaudhary off the stage after she stumbled and hurt herself...

Rahul Gandhi helps Kiran Chaudhary off the stage after she stumbled and hurt herself...

Sonia Gandhi talks to Rahul Gandhi on stage during the farmers rally...

Sonia Gandhi talks to Rahul Gandhi on stage during the farmers rally...

RJD chief Lalu Prasad during Prajapati Rajnitik Chetna Rally at Gandhi maidan in Patna...

RJD chief Lalu Prasad during Prajapati Rajnitik Chetna Rally at Gandhi maidan in Patna...

Bollywood actor Madhuri Dixit at the Colors Leadership Awards 2015...

Bollywood actor Madhuri Dixit at the Colors Leadership Awards 2015...

Young Buddhist Monks offer special prayers at the Mahabodhi Temple in Bodhgaya...

Young Buddhist Monks offer special prayers at the Mahabodhi Temple in Bodhgaya...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523