Page 6 - Disinvestment
Govt gets Rs 3,839 cr from Axis Bank stake sale; disinvestment kitty swells
The government has garnered about Rs 3,839 crore by selling a 1.5 per cent stake in Axis Bank, held through SUUTI. Last week the government sold a 1.5 per cent stake in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI). The floor price for the offer was Rs 830.63 per equity share. "Government has received about Rs 3,839 crore from the sale of Axis Bank shares held by SUUTI," the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted. Shares of Axis Bank closed at Rs 854.65, down 0.44 per cent against the previous close on BSE. With the sale of the SUUTI stake, the disinvestment proceeds mopped up so far this fiscal increased to Rs 28,383 crore. The budget target from disinvestment in the current fiscal (Apr-March) is pegged at Rs 65,000 crore.
 "Govt gets Rs 3,839 cr from Axis Bank stake sale; disinvestment kitty swells")
Top headlines: Disinvestment target, RBI imposes penalty on 9 UCBs & more
Business Standard brings you the top headlines this hour
 "Top headlines: Disinvestment target, RBI imposes penalty on 9 UCBs & more")
Budget 2023-24: Disinvestment target likely to stay elevated for FY24
The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.
 "Budget 2023-24: Disinvestment target likely to stay elevated for FY24")
Disinvestment target for FY24 to be at a 'realistic level' of Rs 65K-crore
Centre's receipts from disinvestment till November in FY23 stand at Rs 24,544 crore
 "Disinvestment target for FY24 to be at a 'realistic level' of Rs 65K-crore")
IDBI Bank's proposed stake sale likely to run into regulatory hurdle
Sebi raises concern over low public float in the lender
 "IDBI Bank's proposed stake sale likely to run into regulatory hurdle")
Revisiting disinvestment: Going for a 'bottom-up' approach
The government should give up its dependence on disinvestment as an instrument for containing the fiscal deficit
DIPAM set to meet investors to gauge interest in Concor divestment process
Pre-EoI meeting expected to be held this week
 "DIPAM set to meet investors to gauge interest in Concor divestment process")
Centre may have enough stocks to run free grain scheme this financial year
But financial considerations remain, especially if disinvestment receipts don't meet Budget target
 "Centre may have enough stocks to run free grain scheme this financial year")
Centre for disinvestment of CPSEs under 2 ministries, 3 departments
These include CPSEs under the Ministries of Housing & Urban Affairs and Health & Family Welfare, and Departments of Pharmaceuticals, Telecommunications and Fertilisers
 "Centre for disinvestment of CPSEs under 2 ministries, 3 departments")
Ahead of IDBI privatisation, Centre working on tightening disclosure rules
Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions
 "Ahead of IDBI privatisation, Centre working on tightening disclosure rules")
Divestment of BPCL off the table for now, says Hardeep Singh Puri
The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids
 "Divestment of BPCL off the table for now, says Hardeep Singh Puri")
BPCL disinvestment plans stalled as of now: Oil minister Hardeep Puri
The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process
 "BPCL disinvestment plans stalled as of now: Oil minister Hardeep Puri")
India's April-July fiscal deficit recorded at 20.5% of FY23 target
The centre spent Rs 1.1 trillion or 35% of the full year's estimate for food, fertiliser and petroleum subsidies
 "India's April-July fiscal deficit recorded at 20.5% of FY23 target")
India at 75: What's the way ahead for govt on privatisation, asset sales
While the govt has secured a big win by privatising Air India, it is still far from its initial goal of privatising majority of PSUs
 "India at 75: What's the way ahead for govt on privatisation, asset sales")
States to get matching amounts from Centre for SPSEs' privatisation
The Centre has allocated Rs 5,000 crore for disinvestment of SPSEs and asset monetisation
 "States to get matching amounts from Centre for SPSEs' privatisation")
Neelachal Ispat Nigam ownership handed over to Tata group-owned TSLP
NINL is a joint venture of four CPSEs, namely MMTC, NMDC, BHEL, MECON and two Odisha Government PSUs, namely OMC and IPICOL
 "Neelachal Ispat Nigam ownership handed over to Tata group-owned TSLP")
Centre gets multiple bids for privatisation of Ferro Scrap Nigam Ltd
The eligibility criterion for bidders included a mandatory net worth of at least Rs 150 crore and a PAT in at least two of the immediately preceding five financial years
 "Centre gets multiple bids for privatisation of Ferro Scrap Nigam Ltd")
Calcutta HC upholds state govt's Metro Dairy stake sale to Keventer
Court dismisses plea alleging opacity in deal, rejects call for CBI probe
 "Calcutta HC upholds state govt's Metro Dairy stake sale to Keventer")
The LIC way or the Air India way: A tale of two suboptimal paths
One path waits for the company to go bankrupt while the other continues to subject it to government whim, writes T N Ninan
Cabinet empowers PSU boards to recommend stake sale, close subsidiaries
At present, PSU boards have the authority to make equity investments, undertake mergers and acquisitions subject to certain ceilings of net-worth
 "Cabinet empowers PSU boards to recommend stake sale, close subsidiaries")