REUTERS - The government expects to raise around 120 billion rupees by selling a 9.5 percent stake in state power utility NTPC Ltd(NTPC.NS) in a share auction on February 7, Disinvestment Secretary Ravi Mathur said.
The floor price for the offer will be announced on Wednesday, he said.
Share sales in state companies has been a key element of the government's plan to bring down its fiscal deficit to 5.3 percent of gross domestic product by March-end to avoid a credit downgrade from global ratings agencies.
The government aims to raise $5.6 billion by selling shares in the 2012/13 fiscal year to March. Last week, it raised $585 million through a 10 percent stake sale in state explorer Oil India Ltd(OILI.NS).
It expects to sell shares in four other state companies before March-end, Mathur told reporters.
(Reporting by Prashant Mehra in MUMBAI; Editing by Anupama Dwivedi)
Trending On Reuters
Next year, Dr. Ketan Desai is slated to head the World Medical Association (WMA), guardian of the Hippocratic Oath. The WMA is standing by him, even as he battles conspiracy allegations in two Indian courts. Desai has been facing allegations that he conspired in 2009 to have the Medical Council recommend that a private medical college be allowed to add more students. Full article