Govt may divest 10pc stake in Nalco
Monday, 15 March 2010
NEW DELHI, Mar 14 (PTI): The government is considering up to 10 per cent equity dilution in the state-owned aluminium producer Nalco, which may fetch the exchequer about Rs 22 billion.
"The ministry of mines will have to take a decision. We have said that they could consider 5-10 per cent stake sale," Disinvestment Department Joint Secretary Sidhartha Pradhan said.
At present, the government holds about 87.15 per cent equity in the navratna company while the rest has been made public.
Last year, Mines Minister B K Handique had ruled out any further disinvestment programme in the aluminium producer.
However, with the government planning to raise about Rs 40,000 crore from disinvestment in the next financial year, the ministry may now review its decision.
But, the company may not look at raising fresh equity along with the proposed stake sale, as recently indicated by Nalco CMD A K Srivastava recently.
The ministry of mines is currently considering a further public offer (FPO) of its ailing PSU Hindustan Copper Ltd, to raise an estimated about Rs 45 billion for each the miner and itself.
Nalco shares closed at Rs 395.70, up 0.71 per cent on the Bombay Stock Exchange.
"The ministry of mines will have to take a decision. We have said that they could consider 5-10 per cent stake sale," Disinvestment Department Joint Secretary Sidhartha Pradhan said.
At present, the government holds about 87.15 per cent equity in the navratna company while the rest has been made public.
Last year, Mines Minister B K Handique had ruled out any further disinvestment programme in the aluminium producer.
However, with the government planning to raise about Rs 40,000 crore from disinvestment in the next financial year, the ministry may now review its decision.
But, the company may not look at raising fresh equity along with the proposed stake sale, as recently indicated by Nalco CMD A K Srivastava recently.
The ministry of mines is currently considering a further public offer (FPO) of its ailing PSU Hindustan Copper Ltd, to raise an estimated about Rs 45 billion for each the miner and itself.
Nalco shares closed at Rs 395.70, up 0.71 per cent on the Bombay Stock Exchange.