EGoM to decide on NTPC stake sale today

EGoM to decide on NTPC stake sale today New Delhi: Empowered Group of Ministers (EGoM) chaired by Finance Minister P Chidambaram is expected to meet here on Tuesday to decide on time and price of 9.5 percent stake sale in power major NTPC which could fetch Rs 12,000 crore to the exchequer.

"The EGoM on stake sale in NTPC will be held on Tuesday," an official said.

The government, he said, was proposing to offload its stake in NTPC later in the week through the offer for sale (OFS) route.

The Department of Disinvestment (DoD) had successfully completed 10 percent stake sale in Oil India (OIL) through the auction route last week raising over Rs 3,113 crore for the government.

The 9.5 percent stake sale in NTPC could fetch around Rs 12,000 crore at the current market price. The DoD has already conducted international roadshows for disinvestment of NTPC.

With the OIL stake sale going through, the government has raised over Rs 10,000 crore though PSU stake sale so far this fiscal. This include Rs 6,000 crore from stake sale in NMDC, Rs 800 crore from HCL and Rs 125 crore from NBCC.

Disinvestment Secretary Ravi Mathur had said earlier that the government will be able to raise Rs 27,000 crore through disinvestment in the current fiscal, lower than the budgeted Rs 30,000 crore.

PTI