As per the rough estimates, an amount to the extent of Rs 45,000 to Rs 53,000 crore could be raised through stake sale in select central PSUs over the next year, if the proposals go through. The cumulative proceeds raised till date from the divestment programme from 1991 are only Rs 53,400 crore.
Last year, the UPA Government has sought to revive plans for the divestment of stake in government-owned companies was put on hold.
BSNL, which is lined up for divestment and at Rs 300-400 a share, the company''s total worth was pegged in the range of Rs 1,50,000 crore and Rs 2,00,000 crore ($31-42 billion), in a valuation exercise cited by the Telecom Minister last year.
This is much below the original expectations of $100 billion that was quoted earlier but it is realistic given the prevailing market valuations for its nearest rival, Bharti Airtel, which has a current market capitalisation of around Rs 1,54,000 crore.
However, BSNL, with 84 million mobile subscribers'' base and landline users, reported profit of Rs 3,009 crore on revenues of Rs 38,052 crore for 2007-08.
On the other hand, Coal India could raise Rs 8,500-10,000 crore for a stake sale of 10-per cent, if it manages to command a price earnings multiple of 9-11 on current earnings, which is normal for the mining companies.
Similarly, NHPC, RITES, Oil India and United Bank may bring in the range of Rs 6,100 crore-Rs 6,850 crore.
Further stake sales as well as fresh offers by PSUs like BHEL as well as Power Grid Corporation and Rural Electrification Corporation are also likely to bring in Rs 16,000 crore, based on their current market prices.
Last year, the UPA Government has sought to revive plans for the divestment of stake in government-owned companies was put on hold.
BSNL, which is lined up for divestment and at Rs 300-400 a share, the company''s total worth was pegged in the range of Rs 1,50,000 crore and Rs 2,00,000 crore ($31-42 billion), in a valuation exercise cited by the Telecom Minister last year.
This is much below the original expectations of $100 billion that was quoted earlier but it is realistic given the prevailing market valuations for its nearest rival, Bharti Airtel, which has a current market capitalisation of around Rs 1,54,000 crore.
However, BSNL, with 84 million mobile subscribers'' base and landline users, reported profit of Rs 3,009 crore on revenues of Rs 38,052 crore for 2007-08.
On the other hand, Coal India could raise Rs 8,500-10,000 crore for a stake sale of 10-per cent, if it manages to command a price earnings multiple of 9-11 on current earnings, which is normal for the mining companies.
Similarly, NHPC, RITES, Oil India and United Bank may bring in the range of Rs 6,100 crore-Rs 6,850 crore.
Further stake sales as well as fresh offers by PSUs like BHEL as well as Power Grid Corporation and Rural Electrification Corporation are also likely to bring in Rs 16,000 crore, based on their current market prices.
No comments:
Post a Comment