Govt to divest stake in six cos

Govt to divest stake in six cos

“Two companies are going to the market. (Disinvestment plans of) others are getting finalised. So, there would be six to seven more companies which will come up (for stake sale),” he told reporters.

The divestment of identified public sector undertakings would be done in the next 10 to 12 months, he added. While NHPC has already completed its initial public offering (IPO), Oil India Limited (OIL) is slated to hit the market in September. The NHPC issue, which would help raise about Rs 6,000 crore, was subscribed over 23 times the shares on offer.
Among the PSUs which are firming up plans to hit the capital markets include mineral major NMDC and Coal India Limited.

Finance Minister Pranab Mukherjee in his budget speech had said that government would retain 51 per cent stake in the PSUs, while the rest can be owned by public.

“While retaining at least 51 per cent government equity in out enterprises, I propose to encourage people’s participation in our disinvestment programme”, he said.

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