CCEA approves disinvestment in 4 PSUs, to raise Rs 15,000 cr

The government, however, did not take any decision with regard to stake sale in Neyveli Lignite and initial public offering (IPO) of RITES LTD, which were also on the agenda of the meeting of Cabinet Committee on Economic Affairs (CCEA).

The government has approved the proposal to sell 10 per cent stake in Oil India Ltd and another 9.59 per cent disinvestment in Hindustan Copper Ltd (HCL), an official statement said.

Further, the CCEA also cleared the proposal of 12.15 per cent stake sale of Nalco and 9.33 per cent in MMTC through Offer for Sale (OFS) route.

The government currently holds 78.43 per cent stake in Oil India. "After this disinvestment, the government's shareholding in the company would come down to 68.43 per cent," the statement added. The paid-up capital of the company as on March 2012 stood at Rs 601 crore.

 

Further, post disinvestment government stake in HCL would come down to 90 per cent, from 99.59 per cent at present. The company's paid up capital stands at Rs 463 crore.

As far as the stake sale in NALCO is concerned, it would bring down the government equity in the company to 75 per cent, from 87.15 per cent at present. The equity capital of the company stands at Rs 1,289 crore.

As regards commodity trading firm MMTC, the stake sale would bring down government shareholding to 90 per cent, from 99.33 per cent. It's paid up capital stands at Rs 100 crore.

However, the 5 per cent stake sale of Neyveli Lignite and another 10 per cent IPO of RITES was not taken up by the CCEA. (MORE)