Divestment News

The process of stake sale in the national carrier was initiated on January 27. This is the fourth extension given by the government for putting in bids. Also the date for intimation to qualified interested bidders (QIB) has been extended by over two months till November 20.

Having zeroed in on fund manager, the Finance Ministry is considering to launch second tranche of Exchange Traded Fund (ETF) comprising stocks of 10 PSUs by the end of December.

Tata Steel started off the financial year 2016-17 on a weak note with the consolidated quarterly loss widening 10-fold to Rs. 3,183 crore compared with Rs. 317 crore in same period last fiscal, dented by discontinued operations (include sale of Scunthorpe assets to Greybull Capital).

The floor price of Rs 1,195 for the offer for sale (OFS) was at a discount of 2.58 percent over yesterday's closing price of Rs 1,226.65 of Concor on BSE.

Major trade unions of Coal India opposed to any government proposal to 10 percent stake sale in the PSU will soon chalk out a strategy to take their protest forward.

Progress on India's divestment front has been slow in the first four months of this fiscal year, a Singapore-based bank said Wednesday.

"The floor price of the offer shall be Rs.254 per equity share of Power Finance Corporation (PFC)," the company said in a stock exchange filing.

Government is expected to mobilise around Rs 1,676 crore through the divestment.

The government is looking to raise Rs 1,550 crore from sale of 4.93 crore shares in Rural Electrification Corp (REC) through a one-day OFS route at a floor price of Rs 315 apiece.

The floor price of Rs 315 a share is at a discount of 2.07 percent over the closing price of Rs 321.65 a share.

The government will sell its 10 percent stake in Coal India on Friday which may fetch the exchequer about Rs 24,000 crore.

State-run insurance behemoth LIC has invested Rs 45,000 crore in equity markets so far this fiscal and is ready to purchase more shares when government undertakes its divestment programme, Chairman S K Roy said Monday.

The Central Electricity Regulatory Commission's (CERC) decision came on a plea filed by Financial Technologies (India) Ltd (FTIL) seeking more time to complete the divestment process.