PSU disinvestment: Govt invites suiters for sale of 98% stake in drugmaker IMPCL

By: | Updated: April 16, 2019 7:22 AM

The last day for submitting EoIs is May 18. The selected bidder will be required to lock in its shares for a period of three years

Govt invites EoIs for sale of 98% stake in IMPCL (Representational image)Govt invites EoIs for sale of 98% stake in IMPCL (Representational image)

The Centre has invited expressions of interest (EoIs) for strategic disinvestment of its 98.1% stake in ayurvedic and unani medicines maker – the Indian Medicines Pharmaceutical (IMPCL), a profit-making public sector enterprise.

The department of investment and public asset management (DIPAM) will follow a two-stage process for the proposed transaction: shortlist eligible bidders in the first round and invite financial bids in the second.

The last day for submitting EoIs is May 18.

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The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in IMPCL, according to the EoI and preliminary information memorandum issued by DIPAM.

Kumaon Mandal Vikas Nigam holds 1.98% in the firm.

The company made a profit of `7.66 crore in 2017-18. As on March 31, 2018, the company has paid up share capital of `51.98 crore, 111 regular employees and 15 contractual employees. It has 40.31 acres of land at Mohan (Almora) and 4.61 acres of land at Ramnagar.

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