New Delhi : The Department of Disinvestment has initiated the process of engaging merchant bankers and selling brokers for 5% stake sale in Container Corporation of India (CONCOR), which could fetch over Rs 1,300 crore to the exchequer.

The government holds 61.80% stake in the logistics company which is under the administrative control of the Railways Ministry. At current stock price of Rs 1,414.90, the sale would garner over Rs 1,300 crore to the exchequer. The government has budgeted to raise Rs 69,500 crore through PSU disinvestments.  With seven months of the fiscal over, the government has been able to raise Rs 12,600 crore through stale sale in four PSUs as volatile market conditions have dented disinvestment plans.

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