Rec Stake Sale

Finance Ministry has barred public sector enterprises from bidding for other (CPSEs) which are on the block for privatisation

The sale may allow the government to say that it is getting closer to meeting its target of raising Rs 80,000 crore through the sale of government stakes in various entities in the year ending March 31, 2019.

Volatile market conditions have affected disinvestment plan in 2015-16.

The government will come out with an alternative strategy in 2-4 weeks to push PSU disinvestment in volatile markets, Finance Minister Arun Jaitley said on Friday.

The Department of Disinvestment wants that PSU stake sale target for the current fiscal year be more than halved to Rs 30,000 crore in view of volatility in the stock markets.

Sources in finance ministry have told NDTV that a 5 per cent stake sale in BHEL is likely to be the next offer for sale (OFS) from the divestment department.

The governments plan to raise $11.1 billion (Rs 68,820 crore at 1 dollar = 62 rupees) from asset sales this year was given a boost on Wednesday when it sold a 5 per cent stake in Rural Electrification Corp Ltd (REC) and investors bid for more than five times the number of shares on offer.

The government has set the floor price for an up to $250 million share sale in state-run Rural Electrification Corp Ltd at Rs 315 rupees apiece, kicking off its stake divestment programme for the fiscal year that started on April 1.

Post this stake sale, the government's holding in the company will come down to 60.64 per cent from 65.64 per cent now.

The government will sell a 5 per cent stake in Rural Electrification Corporation (REC) on April 8 to mop up close to Rs 1,600 crore, marking the first disinvestment of the current fiscal year.

Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore from disinvestment proceeds, almost the same level that the government expects to realise from stake sale in public sector undertakings or PSUs this fiscal year.

The government is planning to sell stakes in Power Finance Corp (PFC) and Rural Electrification Corp (REC) through the Offer for Sale (OFS) route and has also initiated the process of appointing merchant bakers for that.

The government on Monday invited bids from investment banks to manage planned share sales in state-run Power Finance Corp Ltd (PFC) and Rural Electrification Corp Ltd (REC), which could raise a combined $515 million (Rs 3,090 crore at 1 dollar = 60 rupees).

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.

The government will kick off its big-bang disinvestment drive with 5 per cent stake sale in SAIL in September, followed by ONGC and power sector PSUs like REC, PFC and NHPC.

Finance Ministry has barred public sector enterprises from bidding for other (CPSEs) which are on the block for privatisation

The sale may allow the government to say that it is getting closer to meeting its target of raising Rs 80,000 crore through the sale of government stakes in various entities in the year ending March 31, 2019.

Volatile market conditions have affected disinvestment plan in 2015-16.

The government will come out with an alternative strategy in 2-4 weeks to push PSU disinvestment in volatile markets, Finance Minister Arun Jaitley said on Friday.

The Department of Disinvestment wants that PSU stake sale target for the current fiscal year be more than halved to Rs 30,000 crore in view of volatility in the stock markets.

Sources in finance ministry have told NDTV that a 5 per cent stake sale in BHEL is likely to be the next offer for sale (OFS) from the divestment department.

The governments plan to raise $11.1 billion (Rs 68,820 crore at 1 dollar = 62 rupees) from asset sales this year was given a boost on Wednesday when it sold a 5 per cent stake in Rural Electrification Corp Ltd (REC) and investors bid for more than five times the number of shares on offer.

The government has set the floor price for an up to $250 million share sale in state-run Rural Electrification Corp Ltd at Rs 315 rupees apiece, kicking off its stake divestment programme for the fiscal year that started on April 1.

Post this stake sale, the government's holding in the company will come down to 60.64 per cent from 65.64 per cent now.

The government will sell a 5 per cent stake in Rural Electrification Corporation (REC) on April 8 to mop up close to Rs 1,600 crore, marking the first disinvestment of the current fiscal year.

Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore from disinvestment proceeds, almost the same level that the government expects to realise from stake sale in public sector undertakings or PSUs this fiscal year.

The government is planning to sell stakes in Power Finance Corp (PFC) and Rural Electrification Corp (REC) through the Offer for Sale (OFS) route and has also initiated the process of appointing merchant bakers for that.

The government on Monday invited bids from investment banks to manage planned share sales in state-run Power Finance Corp Ltd (PFC) and Rural Electrification Corp Ltd (REC), which could raise a combined $515 million (Rs 3,090 crore at 1 dollar = 60 rupees).

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.

The government will kick off its big-bang disinvestment drive with 5 per cent stake sale in SAIL in September, followed by ONGC and power sector PSUs like REC, PFC and NHPC.