New Delhi: Government has lined up SAIL, ONGC, REC, PFC and NHPC for disinvestment in coming months. Finance minister Arun Jaitley had set up an ambitious target of raising '63,400 crore through disinvestment. Governm-ent wants to take an advantage from the bull run in the stock markets after BJP led NDA government came into power.
The first issue to hit the market is expected to be of SAIL in September. Dis- investment department officials would go on road shows to promote SAIL divestment by July end to Singapore, Hong Kong, US, UK and continental Europe.
The sale of 5 per cent stake or about 20.65 crore shares of SAIL at the current market price of around '85 a piece would fetch the exchequer about '1,800 crore.
The disinvestment depa-rtment is in the process of finalising a Cabinet note for a 10.96 per cent stake sale in NHPC and 5 per cent each in PFC and REC.
Government will also go on for divestment of 10 per cent in Coal India which could fetch about Rs 23,000 crore.
To start the divestment of ONGC, disinvestment department has called for bids from banks to help it in the process.
As per disinvestment department bid documents, government is considering to disinvest 5 percent paid up equity share capital of ONGC. The government asked banks to submit documents by August 6. The bankers will advise the government on the timing and the modalities of the offer for sale. ONGC is India’s second-largest company by market value.
