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The Centre plans to sell 12.03 per cent of its stake in India Tourism Development Corporation (ITDC) that could help raise close to ₹260 crore.
The Department of Investment and Public Asset Management (DIPAM) has invited bids from merchant bankers to manage the stake-sale that will be carried out through the offer-for-sale (OFS) route.
“The Government of India intends to disinvest 12.03 per cent paid-up equity capital shares of ITDC,” it said in the Request for Proposal.
Significantly, the Finance Ministry had originally identified ITDC, which manages hotels such as the Ashok Group of Hotels, as one of the first public sector units for strategic sale.
Finance Minister Arun Jaitley had indicated in 2015 that PSUs under the Tourism Ministry may be lined up for strategic disinvestment.
The Centre currently holds 87.03 per cent stake in ITDC.
Now, under the revised proposal of DIPAM, the government will reserve up to 5 per cent of the OFS size for employees of the PSU and also offer them a discount of up to 5 per cent of the discovered price.
On Friday, the ITDC scrip fell 5.59 per cent to end at ₹248.95 apiece.
In 2016-17, the Centre plans to raise ₹56,500 crore through disinvestment in State-run firms. Of this, it hopes to raise ₹36,000 crore from minority stake-sales. Till now, the government has raised ₹2,700 crore from stake-sale in NHPC and another ₹240 crore through employee subscription of the IOC stake-sale.
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