Govt clears stake sale in Coal India, ONGC, NHPC; may get Rs 43,000 crPTI | New Delhi | Updated: Sep 10 2014, 22:51 ISTClearing the decks for mega disinvestment drive, the government today approved diluting its equity stake in bluechip companies Coal India, ONGC and NHPC, which is likely to fetch Rs 43,000 crore to exchequer.The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi approved the disinvestment of 10 per cent paid-up equity capital in Coal India (CIL), an official statement said.At present, the government shareholding in the coal mining company is 89.65 per cent."The decision to disinvest would help the government realise an optimum price for the offer for sale of 10 per cent of the government's shareholding in the company," it said.The CCEA also cleared selling government's 5 per cent paid-up capital in ONGC and "this would further broad base the shareholding of the company and would enhance disinvestment receipts". Government's stake in the company stands at 68.94 per cent.Besides these two, 11.36 per cent disinvestment in hydro power generator NHPC was also approved. Government holds 85.96 per cent stake in company.At current market prices, the sale of shares in state- owned CIL, ONGC and NHPC could garner over Rs 23,000 crore, Rs 18,000 crore and Rs 2,800 crore respectively, helping the government meet its disinvestment target of Rs 43,425 crore for this fiscal.Meanwhile, sources said the stake sale in the three companies would be done through the Offer For Sale (OFS) process, popularly known auction route.The government has already selected merchant bankers for managing ONGC and NHPC disinvestment and is in the process for doing so for CIL.ONGC shares closed at Rs 445.30, down 0.79 per cent at BSE. CIL shares last traded at Rs 373.85 (down 1.80 per cent) and of NHPC at Rs 22.40 (down 0.44 per cent).The previous government had cleared disinvestment in SAIL and according to sources the 5 per cent stake sale in the state-owned steel maker is likely to hit the markets this month.The sale of 5 per cent stake or about 20.65 crore shares of SAIL at the current market price of around Rs 80.95 a piece would fetch the exchequer over Rs 1,600 crore.The Cabinet had in July 2012 approved 10.82 per cent stake sale in SAIL. Accordingly, the first tranche of disinvestment of 5.82 per cent was completed in March 2013.The government has missed its disinvestment target for five consecutive financial years.In 2010-11 and 2011-12 fiscals, the government had raised Rs 22,144 crore and Rs 13,894.
http://www.financialexpress.com/news/govt-clears-stake-sale-in-coal-india-ongc-nhpc-may-get-rs-43000-cr/1287654 ===============
THE GOVT. DISINVESTMENT IN BLUE-CHIPS IS A WELCOMING SIGN TO BRIDGE THE FISCAL DEFICIT BUT WILL SUCK MORE THEN 45000 CR FROM THE MARKETS MEANS A THREE MONTH AVERAGE FII INVESTMENTS. THE TELECOS WILL SPEND CLOSE TO 50000 CR FOR BUYING AIRWAYS IN FEB-MARCH-2015 MEANS THE MARKETS WILL GET DRY SPELL OF FUND IN FLOW. NOW THE OTHER EMERGING MARKETS ARE ALREADY WITNESSING THE OUT-FLOWS DUE TO USA RATE HIKE AND THE BETTER OPPORTUNITIES IN OTHER ASSET CLASSES.
THE NIFTY HAS WITNESSING HUGE UNWINDING AT CURRENT LEVEL MEANS, NEXT LEG IS RIPE FOR SHORTING. THE EXPERTS ARE EXPECTING 5-7% CORRECTION MEANS CLOSE TO 700 POINTS CORRECTS AT NIFTY MEANS 7200 LEVEL SUPPORT WILL HOLD OTHERWISE 7000-6900 IS A RIPE PLACE TO INVEST.....UNTILL THEN TRADE AND EARN...!!!!==================
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