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Will dilute stake in 4 more PSUs by end-FY’11: Govt
Published on November 10, 2010
The govt informed the Rajya Sabha that it will dilute its stake in four more 
PSUs by the end of the FY’11, including Power Grid Corporation of India, which launched a follow-on public offer on Tuesday.
“The government has decided to disinvest part of its shareholding in the following CPSEs — Steel Authority of India Ltd, Hindustan Copper, Manganese Ore India Ltd (and) Shipping Corporation of India — during the current financial year 2010-11,” Minister of State for Heavy Industries and Public Enterprises Arun Yadav said in a written reply to the Rajya Sabha on Tuesday.
He said the government plans to offload a 10 percent stake through the follow-on public offers (FPO) of Hindustan Copper and Shipping Corporation, while the companies would issue fresh equity in the same proportion.
In the case of SAIL, the government has decided to offload 5 percent of its stake under a follow-on public offer, while the company will issue fresh equity in the same proportion.
Furthermore, the government plans to sell 10 percent of its stake in Manganese Ore India Ltd, while the state governments of Maharashtra and Madhya Pradesh will dilute their holdings in the company by 5 percent each.
State-run transmission firm Power Grid Corporation’s FPO, which opened on Tuesday, is expected to raise Rs 8,000 crore.
As per data available on the National Stock Exchange website, the power major’s FPO had received bids for 62.26 crore shares till 1400 hours on the first day, as against 84.17 crore shares on offer. The issue is open for subscription till 12th November.
The government aims to raise Rs 40,000 crore through disinvestment in PSUs this fiscal.
It has already mopped up nearly Rs 1,000 crore from divestment in Satluj Jal Vidyut Nigam and raised a similar amount by diluting its stake in Engineers India in the current fiscal.
Disinvestment Secretary Sumit Bose has said the government is likely to dilute its stake in IOC and ONGC as well in the last quarter of the current fiscal.
Coal India recently concluded the most successful IPO in the country ever, which raised around Rs 15,100 crore.
