ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Govt may fetch Rs 6,000 crore from 3 PSUs' disinvestment plans

The three PSUs have already announced share buyback programmes in the current fiscal.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Govt may fetch Rs 6,000 crore from 3 PSUs' disinvestment plans
The government holds 80% stake each in NMDC and MOIL, and 74.58% in NALCO. Photo: Reuters

The government is likely to launch disinvestment in NMDC, NALCO and MOIL in the January-March quarter of the current fiscal, which could fetch about Rs 6,000 crore to the exchequer.

The Department of Investment and Public Asset Management (DIPAM), which has garnered over Rs 21,000 crore through buyback and PSU disinvestments, has seen good demand for NMDC shares in its investor roadshows in the US, London, Singapore and Hong Kong last month.

The government plans 10% stake sale each in NALCO, NMDC and MOIL, which could fetch about Rs 6,000 crore to the exchequer at the current market price.

The three PSUs have already announced share buyback programmes in the current fiscal. While NMDC and MOIL are yet to complete their share buyback programme, NALCO finished the process last month.

"A cooling off period of 12 weeks is needed after buyback programme and only after that an offer for sale can be launched," a source said.

The government holds 80% stake each in NMDC and MOIL, and 74.58% in NALCO. With NALCO buyback ended late in September, its OFS can be launched only after January.

Besides, the process of NMDC and MOIL buyback is still on as the companies have not yet informed the stock exchanges about their completion.

"If at all required, the share sale in these companies can happen in the last quarter. We need about Rs 16,000 crore more to meet the disinvestment target through minority stake sale and we will see which companies could fetch better returns," the source said.

Regarding the stake sale in NMDC, the officials have seen good demand as investors felt that the quality of the iron ore mined in India is far better than those elsewhere.

As much as Rs 21,000 crore is estimated to accrue to the exchequer from PSU disinvestment and buyback by the middle of this month.

The Finance Ministry has already floated a draft cabinet note for 5% stake sale in ONGC, which could fetch about Rs 11,000 crore to the exchequer.

The government has budgeted to raise Rs 56,500 crore through PSU disinvestment this fiscal. Of this, Rs 36,000 crore is to come from minority stake sale and Rs 28,500 crore from strategic sale. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
NMDCNalcoMOILdisinvestmentONGCPublic Sector Undertakings (PSUs)Department of Investment and Public Asset Management (DIPAM)
Written By: PTI
Updated: Sun, Oct 09, 2016
11:00 am
New Delhi, PTI
RELATED NEWS
Government gets multiple EoIs for privatising NMDC Steel: DIPAM Secretary Tuhin Kanta Pandey Government gets multiple EoIs for privatising NMDC Steel: DIPAM Secretary Tuhin Kanta Pandey
Traders Diary on 20 stocks: Buy, Sell or Hold strategy on IRCTC, Dodla Dairy, NMDC, TCS, Tata Power, others Traders Diary on 20 stocks: Buy, Sell or Hold strategy on IRCTC, Dodla Dairy, NMDC, TCS, Tata Power, others
NMDC positive as government initiates process to divest stake in Nagarnar Steel Plant NMDC positive as government initiates process to divest stake in Nagarnar Steel Plant
Traders Diary on 20 stocks: Buy, Sell or Hold strategy on NMDC, Chennai Petro, Century Ply, Hero Moto, ONGC, Mazagon Dock and others Traders Diary on 20 stocks: Buy, Sell or Hold strategy on NMDC, Chennai Petro, Century Ply, Hero Moto, ONGC, Mazagon Dock and others
Govt invites bids for privatisation of NMDC's Nagarnar Steel Plant Govt invites bids for privatisation of NMDC's Nagarnar Steel Plant

LATEST NEWS

Turkey, Syria earthquake death toll mounts to 8,364

LIC WhatsApp Number, Registration: Check policy details, due dates and bonus status on phone

Ahead of ban order, RBI gave a list of apps working with NBFCs to govt

Hero Electric partners with Dhoot Transmission for wiring harness solutions

ICICI Bank hikes fixed deposit interest rate by 1.5%

Home, personal loan EMIs set to rise as RBI hikes repo rate for 6th in a row - Here's the math behind it

iPhone 15 Pro Max: Apple to use 2,500 nits display panel from Samsung

SID Ki SIP: These 4 small cap companies can yield up to 16% return

Apple iPhone 14 Models Price Cut: iPhone 14 Pro available at 10.6% discount - Check latest price

US will act to protect if China threatens its sovereignty, says Joe Biden

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV