This Article is From Aug 27, 2014

Power, Finance Ministry Officials to Meet Over REC Disinvestment on Wednesday: Report

New Delhi: To take forward the disinvestment plans of Power Finance Corp (PFC) and Rural Electrification Corp (REC), officials from the Finance and Power Ministry will meet on Wednesday to discuss the road ahead.

Officials from the Department of Disinvestment would meet their counterparts in the Power Ministry on Wednesday, sources said.

Government holds a 72.80 per cent stake in PFC and 65.64 per cent in REC.

The meeting is likely to deliberate on the quantum of stake dilution, following which the disinvestment department will float a draft Cabinet note for consultation. Following this, the disinvestment would also appoint merchant bankers for managing the stake sale.

Shares in PFC, on Tuesday, ended at Rs 254.25 apiece on the BSE, down 1.13 per cent from the previous close. REC stock ended 0.71 per cent lower at Rs 266.30.

The government plans to mop up Rs 43,425 crore from selling stake in various state-owned firms in the current fiscal year.