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The Government has kick-started the process of selling 5 per cent stake in oil exploration company ONGC.
The Department of Disinvestment has invited proposals for appointment of merchant bankers and selling brokers. Five merchant bankers will be appointed.
The plan is to offload 5 per cent stake (out of 68.94 per cent) or 42.77 crore shares with a face value of ₹5. At the closing price of ₹416.10, the share sale could fetch the exchequer over ₹17,500 crore.
The Centre has fixed a disinvestment target of over ₹63,000 crore in the Budget.
Apart from ONCG, the Government also plans to divest its stake in SAIL, Coal India and NHPC.
Meanwhile, the Cabinet Committee on Economic Affairs is expected to take up the proposal for stake sale in ONGC soon.
At the same time, efforts are on to start road-shows for selling 5 per cent of Centre’s stake in SAIL.
This will be based on the approval granted by CCEA during the previous Government.
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