PSUs seek shareholders' share buy back
of SAIL, NTPC and NMDC, which will be held between September 18 and September 21.
While SAIL, NTPC and Coal India hold coveted status of Maharatna, NMDC is one notch below with Navratna status.
In March, the Department of Public Enterprises (DPE) had directed all Central PSUs to amend their Articles of Association to provide for buyback of shares, if such provisions did not exist.
The DPE directive had also stated that if a CPSE decides to buyback its own shares from the shareholders using surplus cash, the Disinvestment Department in the Ministry of Finance may offer Government's equity in the firm on behalf of the Government.
Of these four PSUs, SAIL and NMDC are also on the government's disinvestment radar. In July, the Union Cabinet had approved stake sale of 10.82 per cent stake sale in SAIL.
Besides, the government is also exploring options of divesting 10 per cent shares in NMDC and has invited applications to select merchant bankers.
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