Encouraged by the success of Hindustan Copper disinvestment, Finance Minister P. Chidambaram on Friday exuded confidence that the government would be able to meet the Budget target of raising Rs. 30,000 crore from stake sale in public sector undertaking during the current fiscal.
“I am happy that issue has been fully subscribed. This is the resumption of the disinvestment process and we will go forward with the disinvestment processes as approved by the CCEA between now and March,” Mr. Chidambaram told reporters here.
“...I hope that we can collect the targeted Rs 30,000 crore,” he added.
The government’s sale of 4 per cent stake in Hindustan Copper was over—subscribed on Friday. A total of 3,89,12,793 shares, worth Rs 603.14 crore, were bid for at the close of trading hours, according to the data available from the stock exchanges.
The bids received were more than 3,70,08,720 shares, or 4 per cent shareholding, that were put on offer in the first tranche. The shares were offered at Rs 155 apiece, a 41 per cent discount to yesterday’s closing price of HCL on the BSE.
The government has decided to disinvest minority stake in Rashtriya Ispat Nigam Ltd, Hindustan Aeronautics Ltd, Bharat Heavy Electricals Ltd and Steel Authority of India Ltd.
Besides, stake sale in Hindustan Copper Ltd, MMTC Ltd, National Aluminium Company Ltd Oil India Ltd, NTPC Ltd and NMDC Ltd would also take place during the current fiscal.