It plans another Rs 4,500 crore through sale of 10 per cent shares in Indian Oil Corporation to Oil and Natural Gas Corporation and Oil India Limited. The boards of ONGC and OIL have approved the sale. "After the approvals, shares would be offered on the stock exchange to the two companies for about half-an-hour," said the official, adding that the process would be over by the month-end.
The finance ministry hopes to collect at least Rs 3,000 crore by selling the government's residual stake in Balco, according to a PTI report.
Speaking to reporters on the sidelines of a press conference for a further public offer (FPO) of EIL here, senior government officials said the process for an exchange traded fund (ETF) for central public sector enterprises before was underway. ETFs are low-cost and low-risk investment options that allow investors to pay a small amount and yet take exposure to a number of stocks.
The government plans to have around 10 CPSEs to be part of the ETF. It plans to raise around Rs 3,000 crore from this fund. Several countries like Singapore already have ETFs for government companies.