FinMin hopeful of good response to future PSUs stake sale

Encouraged by the good response to the stake sale in SAIL, the Finance Ministry today hoped that the momentum will continue and future stake sale of PSUs would be lapped up by investors.
"Several other companies are on radar for disinvestment. We hope that divestment momentum will continue," a top finance ministry official said.
The government has lined up a host of PSUs, including ONGC, Coal India and NHPC, for disinvestment in the current fiscal. The Centre hopes to garner Rs 43,425 crore through the stake sale.
The other companies which are on the agenda include 10 per cent stake dilution in Hindustan Aeronautics besides 5 per cent each in Container Corporation of India, PFC and REC.

Government's disinvestment drive got a tremendous start with steel major SAIL's share sale being subscribed more than two times fetching the exchequer Rs 1,715 crore.
"In two-and-a-half years many PSUs have to meet 25 per cent shareholding norm. We are careful of bunching of stake sales and we will do it in a staggered manner," the official said.

Capital market regulator Sebi had earlier this year cleared a proposal for ensuring at least 25 per cent public holding in all the listed state-owned companies within three years.
The decision would help the government raise close to Rs 60,000 crore from the sale of shares in around 35 listed PSUs where the public shareholding is less than 25 per cent.

The first disinvestment offering this fiscal saw retail investors subscription touching 2.08 times (42.93 crore shares) of the 20.65 crore shares on offer.
Government's stake in SAIL will come down to 75 per cent pursuant to this public issue, helping the company to meet Sebi's listing norms.