New Delhi, Aug 31: Andhra Pradesh government has received bids worth about Rs 74 crore for sale of its stake in five companies, including VST Industries, Tata Motors and Associated Cement Companies. "The bids were upto our expectations. These will be taken up by a Cabinet Sub-Committee on September 4. The successful bidders would be announced on the same day," said Sunil Manocha, the Financial Advisor in Andhra Pradesh Implementation Secretariat.
Russel Credit, a 100 per cent subsidiary of country's biggest cigarette maker ITC, has made the highest bid of Rs 215 per share for buying the 4.69 per cent stake of the state government in VST, he said over phone from Hyderabad.
The VST scrip closed at Rs 174.9 on the Bombay Stock Exchange on Friday.

Various companies including Godfrey Phillips arm- Chase Investment, stock broker R L Damani and IL&FS Investmart were in the fray to buy the Andhra government stake in VST.
However, re-bids would be called for sale of the 0.51 per cent equity in automaker Tata Motors as UTI Mutual Fund and Life Insurance Corporation have bid at the same price of Rs 245 per share as against Friday's closing of Rs 280.1, Manocha said. Bureau Report