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    Government approves stake sale in four PSUs

    By Sneha
    |
    Government approves stake sale in four PSUs
    Government on Friday decided to divest in 4 Public Sector firms to raise an amount of Rs 15,000 crore. In a move to encourage market sentiment government gave a nod for stake sale, which will boost investor sentiment.
     

    The four companies in which government decided to sell stake are Oil India Ltd, Hindustan Copper, MMTC and Nalco .

    In Oil India government has approved the disinvestment of 10% paid up equity, out of the Government of India's holding of 78.43% through an offer for sale of shares through stock exchanges as per SEBI rules and regulations. After this disinvestment, the Government of India's shareholding in the company would come down to 68.43%.

    OIL is a listed Navratna Central Public Sector Enterprise and is OIL is engaged in the exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG.

    Disinvestment of 12.15% paid up equity in National Aluminium Company Limited, out of the Government of India's holding of 87.15%, through an Offer for Sale of Shares. After this disinvestment the Government of India's shareholding in the company would come down to 75%.

    In MMTC Ltd , government has approved the disinvestment of 9.33% paid up equity out of the Government of India's holding of 99.33% through an Offer for Sale of Shares through Stock Exchanges, as per SEBI Rules and Regulations.

    MMTC is India's largest international trading company and exporter of mineral, leading exporter and importer of agro commodities, the single largest importer and supplier of metals, including gold and silver, and a major player in the coal and hydrocarbon imports by the country.

    Also, disinvestment of 9.59% equity in Hindustan Copper Limited, out of the Government of India's holding of 99.59 percent, through an Offer for Sale of Shares through Stock Exchanges as per SEBI Rules and Regulations. After this disinvestment the Government of India's shareholding in the company would come down to 90 %.

     

    Hindustan Copper Limited (HCL) is a Public Sector Enterprise under the administrative control of the Ministry of Mines. It is engaged in mining of copper ore, beneficiation, smelting and refining and downstream products.

    GoodReturns.in

    Story first published: Saturday, September 15, 2012, 12:49 [IST]
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