Disinvestment

Asian Paints completes divestment of its Indonesian operations for Rs 44 cr

Asian Paints Ltd on Thursday said it has completed the divestment of its Indonesian operations to Singapore-based subsidiary of Omega Property Investments Pty Ltd, Australia, for a consideration of SGD 6.8 million (Rs 44 crore). Last month, the company had announced that its wholly-owned arm Asian Paints International Pvt Ltd, Singapore (APIPL), has entered into a share purchase agreement with Berger Paints Singapore Pte Ltd, Singapore, subsidiary of Omega Property Investments Pty Ltd, Australia, for sale of 100 per cent stake held in PT Asian Paints Indonesia (PTAPI) and PT Asian Paints Color Indonesia (PTAPCI). PTAPI and PTAPCI are wholly-owned subsidiaries of APIPL. APIPL on Thursday completed the divestment of the Indonesia operations by sale of the entire stake held by APIPL in PTAPI & PTAPCI for a consideration of SGD 6.8 million (about Rs 44 crore), Asian Paints said in a regulatory filing. PTAPI and PTAPCI have ceased to be the subsidiaries of APIPL with effect from March .

Govt's divestment plan to push fundraising activities in FY26: Emkay Global

The government's divestment plan is likely to provide a push to fundraising in FY26 as the recent market correction has slowed down deal-making activity, Emkay Global Financial Services said on Thursday. Addressing a webinar on the state of affairs of the Indian investment banking industry, Yatin Singh, CEO of investment banking at Emkay Global Financial Services, said the public sector is turning out to be material client for investment banks in India with the Department of Investment and Public Asset Management (DIPAM) setting a divestment target of Rs 47,000 crore for FY26. "This is a huge opportunity for investment banks in FY26 and beyond," he said. Over the past three years, the initial public offers (IPOs) of LIC, IREDA, and the offer for sale (OFS) of ONGC, IRCTC, HAL, Coal India, RVNL, NHPC, Hudco, Ircon, and Cochin Shipyard have kept the deal street buzzing within the PSU segment. Looking ahead, the upcoming IPOs of Bharat Coking Coal, Central Mine Planning and Design ...

Govt seeks merchant bankers for stake sale in PSBs, financial institutions

The Department of Investment and Public Asset Management (DIPAM) on Monday invited bids from merchant bankers to assist the government in its planned stake sale in public sector banks and listed financial institutions. As per the RFP (request for proposal) floated by DIPAM, the merchant bankers would be empanelled for a period of three years (further extendable by 1 year) and they would advise the government on the timing and the modalities of the transaction for dilution of equity in select PSU banks/select listed public financial institutions. The last day for putting in bids by merchant bankers is March 27. "The Government of India (GOI) intends to empanel BRLMs/MBSBs for a period of three years (further extendable by one year) in the context of dilution of GOI equity in select Public Sector Banks (PSBs), and select listed Public Financial Institutions (PFIs) (as defined under the Companies Act, 2013) using SEBI approved methods in accordance with the extant SEBI/RBI/IRDAI and ..

Best of BS Opinion: How India's renewable energy success turned sour

Today's pieces cover diverse topics: our editorials examine how India's renewable energy sector is now a victim of its own success, and ponder the government's inexplicable pause on privatisation.

IDBI Bank disinvestment progresses, due diligence begins, to end by H1FY26

The Union government and Life Insurance Corporation jointly hold a 95 per cent stake in IDBI Bank, of which they are selling 60.72 per cent

IOC rights issue deferral signals no GOI shift on disinvestment policy

Indian Oil's decision to withdraw its Rs 22,000 crore rights issue highlights the govt's reluctance to reduce its stake in state-run enterprises, as fiscal priorities shift to sectors like rail, roads

IDBI Bank investors receive security clearance; await RBI approval

Central government and LIC are set to divest 61% stake amid strategic disinvestment drive. The govt aims to generate Rs 50,000 crore through asset monetisation this fiscal year

Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million

FIH Mauritius Investments is also the promoter of Thrissur-based CSB Bank

Rising repatriation

As worrying as the recent decline in gross foreign direct investment is the increasing pace of disinvestment

Reviving disinvestment

This must be a top priority for the next govt

Canada-based firm Fairfax offers all-cash deal to acquire IDBI Bank

IDBI Bank's disinvestment process began in October 2022, with LIC and the government selling their respective shares of 30.24% and 30.48%

Government CPSE dividend collection hits record high of Rs 61,149 crore

Dipam recorded total receipts of Rs 75,886 crore for both disinvestment proceeds and dividend collections

TDP MP urges Centre to review 100% equity divestment in Vizag Steel Plant

TDP Member of Parliament Kanakamedala Ravindra Kumar on Friday demanded that the Centre take steps for revival of Visakhapatnam Steel Plant and review its decision to divest government stake. He was speaking in Rajya Sabha during Zero Hour. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in RINL -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "Subsequent to the decision of the government, there is much discontent among crores and crores of people of Andhra Pradesh. Employees and union of the plant are staging demonstrations and protesting against the decision. The request to reconsider the government decision has been made in different fora by people's representatives," Kumar said. He told the House that RINL was operating at 68 per cent of 6.3 MTPA capacity up to February 2023. Though the blast ...

Moving away from a disinvestment target: Dipam secy Tuhin Kanta Pandey

He said that of the Rs 30,000 crore miscellaneous receipt for FY24, the Centre expects to get about Rs 12,000 crore from asset monetisation and Rs 18,000 crore from disinvestment

Disinvestments slow, but govt keeps earning dividends from state-run firms

It has never happened that the budget estimate for dividends from such companies has failed

Disinvestment target for FY25 likely to be pegged below Rs 50,000 cr: Icra

Interim Budget 2024: For FY24, the Centre had set a disinvestment target of Rs 51,000 crore but has only been able to meet one-fifth of it so far

Disinvestment to miss target again in FY24, raises over Rs 4 trn in 10 yrs

With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the disinvestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections. In the current fiscal, out of the budgeted amount of Rs 51,000 crore, about 20 per cent or Rs 10,049 crore has been collected through minority stake sales via IPO (Initial Public Offering) and OFS (Offer For Sale). Strategic sale of a host of Central Public Sector Enterprises (CPSEs), including SCI, NMDC Steel Ltd, BEML, HLL Lifecare and IDBI Bank, are in the pipeline for completion in the current

Adani Wilmar promoters to divest stake by 1.24% for Sebi compliance

Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding, Adani Wilmar said in an exchange filing

Promoter entities of Sapphire Foods divests 5.9% stake for Rs 530 crore

Two promoter entities of Sapphire Foods India on Monday pared a 5.9 per cent stake in the restaurant operator for Rs 530 crore through open market transactions. Samara Capital Partners Fund II Ltd and Sapphire Foods Mauritius were the entities that sold the shares of Sapphire Foods India Ltd (SFIL). SFIL is an omnichannel restaurant operator and the largest franchise of Yum Brands such as KFC, Pizza Hut, Taco Bell etc in India and Sri Lanka. According to the bulk deal data available with the BSE, Samara Capital Partners Fund II offloaded 4,49,999 shares and Sapphire Foods Mauritius disposed of 33,37,423 shares, amounting to 0.71 per cent and 5.24 per cent stake, respectively, in Sapphire Foods. The shares were sold at an average price of Rs 1,400 apiece, taking the transaction value to Rs 530.24 crore. After the latest transaction, Samara Capital Partners Fund II exited the firm by selling 4.49 lakh shares, representing a 0.71 per cent stake in SFIL. Also, another promoter entity

Softbank divests 2.5% stake in Policybazaar's parent firm worth Rs 914 cr

Japanese conglomerate Softbank's arm Svf Python II (Cayman) on Friday divested a 2.5 per cent stake in Policybazaar's parent firm PB Fintech for Rs 914 crore through open market transactions. HDFC Mutual Fund (MF), Mirae Asset MF, ICICI Prudential Life Insurance, Societe Generale, Capital Group, The Master Trust Bank of Japan, Government Pension Fund Global, Goldman Sachs, and China's Best Investment Corporation, among others, were the buyers of the shares. Following the share sale, shares of PB Fintech fell 2.31 per cent to close at Rs 789.45 apiece on the BSE. Svf Python II (Cayman) Ltd offloaded a total of 1,14,21,212 shares in 10 tranches, amounting to 2.54 per cent, in PB Fintech, as per the block deal data available with the BSE. The shares were sold at an average price of Rs 800.05 apiece, taking the aggregate deal value to Rs 913.75 crore. After the latest transaction, Softbank's shareholding has declined to 1.85 per cent from 4.39 per cent stake in PB Fintech. In October