New Delhi: The cabinet on Wednesday cleared a proposal for 10 per cent disinvestment in Indian Oil Corp and 5 per cent in NTPC, which may fetch the government close to Rs 8,500 crore at the current prices.
While ten per cent stake in IOC would yield Rs 7,915 crore at the current price of Rs 326.70 a share, a 5 per cent equity offload in NTPC would give Rs 557 crore to the government at prevalent market price of Rs 134.80.
Despite the government trying hard, both NTPC and IOC shares were down on the Bombay Stock Exchange.
The government has set a target of Rs 41,000 crore from disinvestment in the current financial year against Rs 26,000 crore in the previous year. Besides, the government hopes to get Rs 28,500 crore from strategic sales.
Indian government has set an ambitious target of raising Rs 69,500 crore through stake sale in state-run companies in 2015/16 fiscal year that ends in March 2016.
