Govt may sell 5-10% stake in Coal India, Hindustan Zinc, RCFL
The cabinet is seeing to sell 5%-10% in Coal India Limited, Hindustan Zinc Limited, and Rashtriya Chemicals and Fertilizers Limited via the offer-for-sale (OFS) mechanism.
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Indian Government is looking to sell a small amount of stake in the largest government-owned-coal-producer, an integrated mining and resources producer, and a chemical and fertilizers producer to strike up the last quarter financials and the stock market.
The cabinet is seeing to sell 5%-10% in Coal India Limited, Hindustan Zinc Limited, and Rashtriya Chemicals and Fertilizers Limited via the offer-for-sale (OFS) mechanism. These are the top PSU companies in their sector.
According to Bloomberg calculations, At current prices, sales at the lower end of the range could fetch the government some Rs 16,500 crore ($2 billion).
However, this year the government target is to raise Rs 65,000 crore from the disinvestment of governmental corporations, out of which Rs 24,000 crore has been raised so far. Also, the estimated cost (Rs 16,000 to Rs 20,000 crore) can be raised from the OFS of the above-mentioned companies.
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