Indian Government Aims to Follow ONGC Share Sale with SAIL, PFC
OREANDA-NEWS. March 2, 2011.
Sumit Bose , disinvestment secretary in the ministry of finance, also said the planned sale of a 5 per cent stake in Oil and Natural Gas Corp, which would be worth USD 2.56 billion based on its current market value, will take place late this month.
Proceeds from the late-March share sale in ONGC would be included in the revenue projections for the next fiscal year. "SAIL is ready to move, and it is on the fast track. Possibly that will come after ONGC, and then Power Finance Corporation ," Bose said in an interview at his office.
The government plans to sell a 5 per cent stake in SAIL , while the company will sell new shares worth 5 per cent, which together would be worth nearly USD 1.4 billion at current market levels.
It plans to sell a 5 per cent stake in Power Finance Corp, while the company will sell a 15 per cent stake in an offer that would be worth a combined USD 1.26 billion based on current market levels.
Bose said the government will also consider stake sales in steelmaker Rashtriya Ispat Nigam Ltd (RINL), MMTC and National Buildings Construction Corp (NBCC) in the next fiscal.
As expected, Finance Minister Pranab Mukherjee on Monday said
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