Disinvestment Secretary Sumit Bose told reporters at Press conference of PFC IPO
that the disinvestment of Hindustan Copper has been pending since last year and further added "They are taking certain investment decisions in new mines. As soon as that is completed, we will take a call on time of the issue," .
Bose said Cabinet approval for the stake sale in SAIL, ONGC and Hindustan Copper is already place.SAIL is expected to raise around Rs 7,000-8,000 crore, going by the prevailing market price of the stock.Besides, a 5% disinvestment in ONGC will fetch the government over Rs 13,000 crore at the current market price.
The government has proposed a disinvestment target of Rs 95,000 crore from the sale of shares in public sector companies over the next three fiscals, including Rs 40,000 crore in the current fiscal.
The government is currently in the process of diluting its stake in Power Finance Corporation (PFC).The issue which begun today, will close on May 13.The government is likely to garner over Rs 1,100 crore from diluting its 5% stake in PFC through a follow-on public offer (FPO). Besides, there would also be a 15% fresh equity sale worth over Rs 3,300 crore.Last fiscal, the government had raised Rs 22,400 crore through disinvestment in PSU companies by coming out with three IPOs and three FPOs."We had deferred the SAIL and ONGC issue last fiscal. We are confident of achieving the Rs 40,000 target for the current fiscal," Bose said.
When a reporter asked that why not shares be of less than 5 face value which can give space to small and medium level investors to join,Summit replied that Idea is catchy and will try to work on the same too and said we already had in one of our PSU disinvestment this small value plan.
that the disinvestment of Hindustan Copper has been pending since last year and further added "They are taking certain investment decisions in new mines. As soon as that is completed, we will take a call on time of the issue," .
Bose said Cabinet approval for the stake sale in SAIL, ONGC and Hindustan Copper is already place.SAIL is expected to raise around Rs 7,000-8,000 crore, going by the prevailing market price of the stock.Besides, a 5% disinvestment in ONGC will fetch the government over Rs 13,000 crore at the current market price.
The government has proposed a disinvestment target of Rs 95,000 crore from the sale of shares in public sector companies over the next three fiscals, including Rs 40,000 crore in the current fiscal.
The government is currently in the process of diluting its stake in Power Finance Corporation (PFC).The issue which begun today, will close on May 13.The government is likely to garner over Rs 1,100 crore from diluting its 5% stake in PFC through a follow-on public offer (FPO). Besides, there would also be a 15% fresh equity sale worth over Rs 3,300 crore.Last fiscal, the government had raised Rs 22,400 crore through disinvestment in PSU companies by coming out with three IPOs and three FPOs."We had deferred the SAIL and ONGC issue last fiscal. We are confident of achieving the Rs 40,000 target for the current fiscal," Bose said.
When a reporter asked that why not shares be of less than 5 face value which can give space to small and medium level investors to join,Summit replied that Idea is catchy and will try to work on the same too and said we already had in one of our PSU disinvestment this small value plan.
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