New Delhi: The government is looking at offloading its stake in about half-a-dozen listed mini-ratna companies including MMTC, STC, ConCOR and Shipping Corporation of India (SCI). The government has decided to sell 5 per cent in these companies through follow-on public offers.
A stake sale in MMTC alone is likely to bring in about Rs 5,000 crore. At present, MMTC is trading at around Rs 19,452 on the Bombay Stock Exchange (BSE). MMTC''s market capitalisation is hovering at around Rs 1 lakh crore, the maximum among all listed mini-ratnas. The proposed stake sale in the mini-ratnas would fetch the government about Rs 7,000 crore. The money raised would be used to fund the government''s social sector programmes. Mini-ratnas have been identified for raising funds as allied Left parties are against dilution of the government''s stakes in navratnas.
According to an official estimate, a 5% equity divestment in Bharat Electronics (BEL), Container Corporation (ConCOR) and Shipping Corporation of India (SCI) would fetch Rs 500 crore, Rs 500 crore and Rs 300 crore respectively. ConCOR is trading at Rs 1,636 per share, STC at around Rs 360, SCI at Rs 195 and BEL at around Rs 1,194 on the BSE. Proceeds from the stake sale in State Trading Corporation (STC) are expected to fetch not more than Rs 54 crore at the current market value. The government is also considering stake sale in the Neyvelli Lignite Corporation (NLC). The stake sale in these companies is expected to help the government fund the proposed Rs 60,000-crore farm loan-waiver, said the source.
A stake sale in MMTC alone is likely to bring in about Rs 5,000 crore. At present, MMTC is trading at around Rs 19,452 on the Bombay Stock Exchange (BSE). MMTC''s market capitalisation is hovering at around Rs 1 lakh crore, the maximum among all listed mini-ratnas. The proposed stake sale in the mini-ratnas would fetch the government about Rs 7,000 crore. The money raised would be used to fund the government''s social sector programmes. Mini-ratnas have been identified for raising funds as allied Left parties are against dilution of the government''s stakes in navratnas.
According to an official estimate, a 5% equity divestment in Bharat Electronics (BEL), Container Corporation (ConCOR) and Shipping Corporation of India (SCI) would fetch Rs 500 crore, Rs 500 crore and Rs 300 crore respectively. ConCOR is trading at Rs 1,636 per share, STC at around Rs 360, SCI at Rs 195 and BEL at around Rs 1,194 on the BSE. Proceeds from the stake sale in State Trading Corporation (STC) are expected to fetch not more than Rs 54 crore at the current market value. The government is also considering stake sale in the Neyvelli Lignite Corporation (NLC). The stake sale in these companies is expected to help the government fund the proposed Rs 60,000-crore farm loan-waiver, said the source.
No comments:
Post a Comment