Press Esc to close
Thursday 29 September 2016
News updated at 8:43 AM IST
Weather
Max: 29.3°C
Min : 20.9°C
In Bengaluru
Generally cloudy

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
Kane Williamson selects a suit length at a Garments shop in Kolkata on Wednesday...

Kane Williamson selects a suit length at a Garments shop in Kolkata on Wednesday...

Women practice Gujarati 'Garba' as they celebrate for the upcoming 'Navratri festival'...

Women practice Gujarati 'Garba' as they celebrate for the upcoming 'Navratri festival'...

A submerged temple after opening of Bargi dam gate at Gaurighat in Jabalpur on Wednesday...

A submerged temple after opening of Bargi dam gate at Gaurighat in Jabalpur on Wednesday...

Pranab Mukherjee  during a visit to Kedarnath Temple at Kedarnath in Uttarakhand on Wednesday....

Pranab Mukherjee during a visit to Kedarnath Temple at Kedarnath in Uttarakhand on Wednesday....

Bollywood actress Kangana Ranaut attends the GQ India Men of the Year Awards 2016...

Bollywood actress Kangana Ranaut attends the GQ India Men of the Year Awards 2016...

Ranveer Singh attends the GQ India Men of the Year Awards 2016, in Mumbai...

Ranveer Singh attends the GQ India Men of the Year Awards 2016, in Mumbai...

Prabhu Deva and actress Tamanna during a promotional event for their upcoming film Devi...

Prabhu Deva and actress Tamanna during a promotional event for their upcoming film Devi...

Actor Sushant Singh Rajput, Disha Patani and Kiara Advani talking to media person....

Actor Sushant Singh Rajput, Disha Patani and Kiara Advani talking to media person....

Sourav Ganguly and Indian cricket team coach Anil Kumble during a practice session...

Sourav Ganguly and Indian cricket team coach Anil Kumble during a practice session...

Ajay Devgn with his daughter Nysa during a campaign in Mumbai...

Ajay Devgn with his daughter Nysa during a campaign in Mumbai...

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