NTPC offer for sale could fetch Rs 12,000 cr
fe Bureau: New Delhi, Feb 06 2013, 02:07 IST
the ministry stated the OIL auction was oversubscribed by 2.57 times. The Centre successfully managed to sell over 6.01 crore shares of the state-owned oil explorer at Rs 520 per share. The issue generated a demand for about 15.4 crore shares from domestic institutional investors, FIIs and banks and insurance companies.
The response to the OIL offering gives government a much-needed boost as it looks to launch the NTPC mega-offering which is key to the fiscal’s disinvestment target.
Earlier this fiscal, the government raised Rs 6,000 crore by selling stakes in NMDC, Rs 800 crore from HCL and Rs. 125 crore from National Buildings Construction Corporation.
The success of the disinvestment programme for 2012-13 is critical to contain the fiscal deficit. The government aims to bring down its fiscal deficit to 5.3% of GDP by March-end.
The government has also identified other companies including SAIL,MMTC, Neyveli Lignite and Rashtriya Chemicals and Fertilizers as disinvestment candidates for the current fiscal.
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