A ministerial panel will meet today (February 27, 2012), to decide on the roadmap for auction of 5% government stake in oil major Oil & Natural Gas Corporation ( ONGC) that will help raise about Rs12,000 crore.
The Empowered Group of Ministers ( EGoM) on ONGC disinvestment is scheduled to meet today to decide on the timeline and pricing issues, an official said.
The panel, headed by the Finance Minister, Mr Pranab Mukherjee, is expected to decide on the base or reserve price for the auction of Government stake in ONGC.
A 5% share sale in ONGC is likely to fetch the central exchequer around Rs12,000 crore.
Earlier this month, the EGoM had decided to auction the Government stake in ONGC.
The ONGC stake sale would help the Government move towards its ambitious target of Rs40,000 crore disinvestment for the fiscal ending March 31.
Till date it has raised only Rs1,145-crore from PFC disinvestment. Besides, state-owned NBCC too has filed draft papers with Securities and Exchange Board of India ( SEBI) for an initial public offer which could bring around Rs250 crore.
Recently, market regulator SEBI allowed promoters to sell up to 10% stake using the auction window of stock exchanges.
The Disinvestment Secretary, Mr Mohammad Haleem Khan, had said that for all those companies in which CCEA has already cleared disinvestment through FPO mode, there is no necessity for fresh approvals for stake sale through auction mode.
The Government, whose finances are under pressure, is looking at various options to meet its disinvestment target which has been hit due to adverse market situation.
....more info
The Empowered Group of Ministers ( EGoM) on ONGC disinvestment is scheduled to meet today to decide on the timeline and pricing issues, an official said.
The panel, headed by the Finance Minister, Mr Pranab Mukherjee, is expected to decide on the base or reserve price for the auction of Government stake in ONGC.
A 5% share sale in ONGC is likely to fetch the central exchequer around Rs12,000 crore.
Earlier this month, the EGoM had decided to auction the Government stake in ONGC.
The ONGC stake sale would help the Government move towards its ambitious target of Rs40,000 crore disinvestment for the fiscal ending March 31.
Till date it has raised only Rs1,145-crore from PFC disinvestment. Besides, state-owned NBCC too has filed draft papers with Securities and Exchange Board of India ( SEBI) for an initial public offer which could bring around Rs250 crore.
Recently, market regulator SEBI allowed promoters to sell up to 10% stake using the auction window of stock exchanges.
The Disinvestment Secretary, Mr Mohammad Haleem Khan, had said that for all those companies in which CCEA has already cleared disinvestment through FPO mode, there is no necessity for fresh approvals for stake sale through auction mode.
The Government, whose finances are under pressure, is looking at various options to meet its disinvestment target which has been hit due to adverse market situation.
....more info