 "Centre garners Rs 471 crore from stake sale in Paradeep Phosphates")
The Centre has garnered Rs 471.5 crore in divestment receipts through sale of its residual stake in the initial public offering (IPO) of Paradeep Phosphates.
The government has sold its residual 19.55 per cent stake in Paradeep Phosphates in its IPO. The IPO of the company comprised of fresh issue of equity shares and offer for sale by promoters and the Union Government.
The stake sale would help the Centre to inch towards its Rs 65,000 crore divestment target for financial year 2022-23. With sale of stake in Paradeep Phosphates, the government has received Rs 24,046 crore in divestment receipts. Besides Paradeep Phosphates, the receipts have been garnered through the IPO of LIC and offer for sale by Oil and Natural Gas Corporation.
In 2002, the centre had divested 74 per cent stake in Paradeep Phosphates to Zuari Maroc Phosphates, a joint venture between Zuari Industries and Maroc Phosphores, Morocco. It had retained over 19 per cent stake in the company.
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