Government's $2.25 billion NTPC stake sale on Feb. 7

Tue Feb 5, 2013 6:48pm IST

An employee works on electric pylons at a power station in Greater Noida on the outskirts of New Delhi June 8, 2012. REUTERS/Parivartan Sharma/Files

An employee works on electric pylons at a power station in Greater Noida on the outskirts of New Delhi June 8, 2012.

Credit: Reuters/Parivartan Sharma/Files

Related Topics

Stocks

   

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)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Food Security

Food Security

India will not cut multi-billion dollar food handout programme - PM  Full Article 

Ola's Expansion Drive

Ola's Expansion Drive

Taxi group Ola steps up expansion drive  Full Article 

Sahara Saga

Sahara Saga

Sahara's Grosvenor House hotel in London put up for sale   Full Article 

Suzlon Energy

Suzlon Energy

Suzlon expects to turn profitable in fiscal 2016: chairman   Full Article 

Eicher Motors Stake

Eicher Motors Stake

Volvo selling up to $300 mln worth of Eicher shares  Full Article 

Beef Trade

Beef Trade

Maharashtra clamps down on beef trade through new act  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage