Financial Daily from THE HINDU group of publications
Wednesday, Dec 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 24, 2003 |
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Disinvestment Industry & Economy - Petroleum CCD okays sale of 10% equity each in ONGC, GAIL Our Bureau
Mr Arun Shourie
New Delhi , Dec. 23 THE Cabinet Committee on Disinvestment (CCD) has approved the sale of 10 per cent of the total equity in ONGC and GAIL through domestic offering. Briefing reporters after the CCD meeting on Tuesday, Mr Arun Shourie, Disinvestment Minister, said that the actual proportion of the Government holding that would be offloaded to foreign institutional investors, Indian institutional investors and retailers would be decided in due course depending on the market appetite. Our efforts would be to maximise the placement to retailers, he said. The domestic offering would be floated in line with the SEBI norms. Mr Shourie said that efforts would be taken to complete the issuance by the end of the current fiscal year. A committee comprising the Finance Minister, the Law Minister, the Petroleum Minister and Mr Shourie would decide on the timing and proportion (with in the 10 per cent) of the offering. Mr Shourie also said that the Ministry of Disinvestment was in close touch with SEBI on the issue of sale of residual share of the Government in companies such as CMC, IPCL and VSNL. He said efforts would soon be taken to decide the pace and calendar for sale of such residual share.
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