Uti Sec Bags 8 Andhra Selloffs & #8217; Deal

The Andhra Pradesh government, which kicked off its disinvestment exercise by putting Godavari Fertlisers and Chemicals Ltd (GFCL) on the block earlier, has appointed UTI Securities Ltd as merchant banker for divesting its holdings in eight other public listed companies. The state holds 7.59 lakh shares of ACC (0.44 per cent holding), 7.23 lakh shares of VST (4.69 per cent holding) and 16.23 lakh shares of Tata Engineering (0.51 per cent).

Other such holdings in the state kitty include 30 lakh equity shares of Andhra Pradesh Paper Mills (25.36 per cent), 1.95 crore equity shares of Nagarjuna Fertlizers (4.68 per cent), 5.29 lakh equity shares of Sirpur Paper Mills (6.35 per cent), 10.83 lakh equity shares of Bakelite Hylam (8.82 per cent) and about 4.27 per cent holding in Hyderabad Industries Ltd.

 

Some of these holdings were inherited by the state government from the erstwhile Hyderabad state, while other investments were made subsequent to the formation of the state for promoting industries.