The Inter-ministerial Group (IMG) headed by Ravi Mathur, Disinvestment Secretary, today approved 7.64 per cent government stake sale in National Fertilisers (NFL), which fetches over Rs 175 crore to the exchequer.
The Disinvestment department will soon requests the Cabinet's nod for the stake sale of NFL, in which presently Government holds 97.64 percent stake.
The decision for the stake sale by the Department of Disinvestment (DoD) came in after the Market Regulator, SEBI, stipulated a norm saying, A PSU must hold a minimum of 10 per cent public shareholding in it.
DoD is looking to raise Rs 175 crore from NFL stake sale which it is planning to do by August. In regard to this it would soon float a Request For Proposal (RFP) for appointing merchant bankers for the issue.
The Inter Ministerial Group is headed by Disinvestment Secretary Ravi Mathur and has members drawn from Ministry of Fertiliser, Departments of Legal Affairs, Corporate Affairs and senior officials from National Fertilizers. The Department of Disinvestment had earlier this month floated Cabinet note for inter-ministerial consultation on National Fertilizers (NFL) stake sale.
The government proposes to raise Rs 40,000 crore by way of disinvestment in the current fiscal. It has already lined up a host of companies, including Coal India, Indian Oil and Hindustan Aeronautics, for stake sale.
0 Leave / View your comment:
Post a Comment