Free Press Journal

Fin min source says govt to sell up to 10% stake in NALCO


New Delhi :  The government will sell up to 10% of its 74.58% stake inNational Aluminium Co Ltd through an offer for sale on Wednesday, its firststake sale in 2017-18 (Apr-Mar), a finance ministry official said today.The government would offer 5% stake for sale, with a greenshoe option of 5%, the official said.The floor price for the sale would be 67 rupees a share, the official said, adding that the government hoped to garner up to 13.5 bln on Tuesday ended up 2.7% at 73.45 rupees on the National StockExchange. The Union Budget for 2017-18 had set an ambitious target of raising 725bln rupees from disinvestment.

 It also planned to list three state-ownedrailway companies.

The Department of Investment and Public Asset Management has alreadyinitiated the process of roping in merchant bankers for disinvestment in several blue-chip companies, including NTPC Ltd and Indian Oil Corp Ltd, and two railway companies–Rail Vikas Nigam Ltd and RITES Ltd.On Wednesday, the Cabinet committee on Economic Affairs had approved listing 11 government-owned companies, including five railway ministryundertakings.