Centre to raise Rs 1,200 cr through Nalco disinvestment

Department of investment and public asset management has set a record target of raising Rs 72,500 crores through disinvestment in 2017-18 FY

GN Bureau | April 21, 2017


#PSU   #Nalco   #National Aluminium Company Limited  
The centre has successfully divested 9.2 percent of paid-up capital in the National Aluminium Company Limited (NALCO), a Navratna enterprise, to raise Rs 1,200 crores.
 
 Department of investment and public asset management (DIPAM) under the ministry of finance has set a record target of realising Rs 72,500 crores through disinvestment in the current fiscal. The government had raised Rs 46,247 crores in the last fiscal. 
 
Originally, the disinvestment in NALCO offer for sale (OFS) was pegged at 5 percent, but after getting overwhelming response from the market, DIPAM raised the offer to 9.2 percent on April 19. With this, the centre’s shareholding in NALCO has come down to 65.37 percent. 
 
The retail investor continues to back PSUs’ disinvestments by DIPAM. For the fourth time in a row, retail investors out-performed institutional investors. This is particularly satisfying to DIPAM, as one of the objectives of disinvestment policy is to make PSU shareholding broad-based so that country’s wealth is shared by its citizens.
 

Comments

 

Other News

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc

V. M. Tarkunde: A legal luminary par excellence

14 Lawyers: Portraits from The Bar By Raju Ramachandran  Juggernaut, 248 pages, Rs. 799  

The Cost of Obesity

The latest episode of Checks and Balances focuses on the ticking time bomb of obesity in India, and Geetanjali Minhas of Governance Now spoke with a panel of experts. You can watch the episode here: https://youtu.be/mH

US-Iran deal: Path to peace or prelude to deeper regional quagmire?

In the midst of deep mistrust, the US and Iran are reported to have reached a framework deal for ending the West Asian conflict. But whether it will result in any meaningful breakthrough or pave the way for any lasting peace in the region, is in the realm of speculation.   During





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter