The Finance Ministry has finalised its line-up for minority stake sales this fiscal with over a dozen public sector firms that could help raise over ₹35,000 crore.
Apart from big ticket PSUs, such as ONGC and Coal India, the line-up also includes smaller firms, such as India Tourism and Development Corporation and Rashtriya Chemicals and Fertilisers.
“Approvals have been taken for disinvestment in a number of PSUs. They will be carried through this fiscal,” said a senior Finance Ministry official, adding that a few more firms have been added to the list.
But, in a change of approach, the Department of Investment and Public Asset Management (DIPAM or former Department of Disinvestment) plans to carry out stake sales throughout the year, instead of waiting for the markets to improve.Target-centred
“Typically, there is always a lull in the fiscal, either it is the first quarter or as was the case last fiscal — the third quarter.
The market always has appetite for some stocks and we will press ahead with issues every month to ensure that the target is met,” said a second official.
Sources said the Department has been taking presentations from merchant bankers on the already approved PSUs on a daily basis and based on market conditions, it is prepared to go ahead with any of the stake sales on any particular day.
“Now, with the SEBI guidelines that have advanced the notice period, offers-for-sale can be done the very next day,” he said.Shortlisted PSUs
Faced with a target of ₹36,000 crore from minority stake sales this fiscal, DIPAM has identified ONGC and BHEL for a 5 per cent disinvestment.
It also plans to sell 10 per cent stake each in Coal India, NMDC and Nalco. Another 10-15 per cent stake sale is being planned in ITDC this fiscal if its valuations improve following the hiving off of its various hotel subsidiaries.
Fertiliser sector PSUs, including RCF and National Fertiliser, have also been identified for disinvestment, sources said.