Cabinet approves 9.5 pct govt stake sale in NTPC
NEW DELHI (Reuters) - The cabinet approved on Thursday a 9.5 percent government stake sale in state-run power producer NTPC Ltd(NTPC.NS), a minister told reporters, to help rein in its ballooning fiscal deficit.
At current market price, the NTPC sale could raise as much as $2.3 billion for the government.
The minister declined to be named.
New Delhi aims to raise 300 billion rupees through share sales in state-run companies in the current fiscal year that ends in March 2013. But it has, thus far, drawn a blank as weak market conditions have deterred public issues or auctions.
The government expects to kick start the divestment process on Friday with a sale of 4 percent in state run Hindustan Copper (HCPR.NS) through a share auction.
(Reporting by Nigam Prusty; editing by Rajesh Kumar Singh)
- Tweet this
- Share this
- Digg this
- Malaysian plane still missing; questions over false IDs
- Malaysian jet's disappearance among rarest of aviation disasters
- Malaysia Airlines says "fearing the worst" for missing jet
- Australia's Wesfarmers plans A$1.12 billion insurance spinoff - report
- Malaysia probing two more passengers on missing flight - source
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew was presumed to have crashed off the Vietnamese coast on Saturday, and European officials said two people on board were using false identities. Full Article