New Delhi : Kick starting the divestment process, the Narendra Modi government is likely to sell 5% stake in state-run Steel Authority of India Ltd in the last week of this month, people involved in the process said. The government holds 80 per cent stake in SAIL. A 5 per cent dilution would help the government meet the minimum 25per cent public shareholding norm of market regulator Sebi.
The government is likely to divest 5% of its stake in MMTC Ltd to raise 4-5 bln rupees in the current financial year, a senior government official said.
“Though it was not a part of the agenda set earlier, after the Securities and Exchange Board of India changes its public shareholding norms, we could include it and go for 5% stake sale,” the official said, adding that the issue could help raise 4-5 bln rupees for the government.