EGoM to decide price band for Nalco stake sale today
Quotes

EGoM to decide price band for Nalco stake sale today

Last Updated: Wednesday, November 7, 2012, 08:43
 
 Comment 0
 
EGoM to decide price band for Nalco stake sale today
New Delhi: The Empowered Group of Ministers on disinvestment will decide on Wednesday the price band for offloading 12.5 percent government equity in aluminium major Nalco.

The stake sale in Nalco is expected to fetch the exchequer around Rs 1,500 crore.

"The Empowered Group of Ministers (EGoM) will meet to decide on the Nalco floor price on Wednesday," a government official said.

The Cabinet Committee on Economic Affairs (CCEA) had in September approved disinvestment of 12.5 percent government stake in the Navratna PSU. Following the stake sale, the Government would hold 75 percent stake in the company.

Shares of Nalco closed at Rs 46.40 on the BSE, down 0.43 percent over previous close.

The Department of Disinvestment (DoD) would opt for the Offer for Sale (OFS) or auction route for selling stake in Nalco.

Nalco would be the first PSU to hit the capital markets in the current fiscal. Last month the government had to postpone the public issue of Rashtriya Ispat Nigam Ltd (RINL) as the Steel Ministry felt that the issue price suggested by merchant bankers was less than the book value.

The government aims to raise Rs 30,000 crore by way of disinvestment in the current fiscal. But with seven months of the fiscal already over, it might find it difficult to meet the target.

Finance Minister P Chidambaram has exuded confidence that the Rs 30,000 crore target would be achieved. During the current fiscal the government is also planning to sale stake in Oil India, MMTC, Hindustan Copper, SAIL and NMDC.

PTI



First Published: Wednesday, November 7, 2012, 08:40


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved