Business

Gov eyes Rs 12,000 cr via share buyback

NEW DELHI, Aug 20 (Agencies) | Publish Date: 8/20/2018 11:53:16 AM IST

The government is going full steam ahead on its fund-raising plan.  It’s looking to raise Rs 10,000-12,000 crore via share buybacks in 6-8 PSUs in the ongoing financial year, sources told ET Now. 

IOC, NTPC, ONGC, Oil India will likely buy back some shares from the government. 

What’s more, the government may mop up over Rs 10,000 crore through sale of stake in Coal India. The stake stale will probably be via block deals, sources said. 

The government has already kicked off roadshows this week for sale of minority stake in Coal India. It’s in talks with pension funds and foreign investors to pick up stake in the coal mining major, the sources added. 

The government has set Rs 80,000 crore as its divestment target for 2018-19. 

Meanwhile, the government is likely to put out second EoI (expression of interest) for Air India only after elections in the next financial year. The thinking, according to the sources, is political uncertainty because of the approaching elections dampened buyers’ interest in the debt-ridden airline. 

An earlier report by ETNow suggested that the government was readying its divestment plan in September-March. It may offload 3 per cent stake in NTPC and 15 per cent in MMTC, ETNow had reported earlier. 

The report had further said the government might sell off up to 5 per cent in BHEL and Coal India and 8 per cent in Hindustan Copper and NMDC.

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