Inviting applications from merchant bankers to manage the offer for sale (OFS), the department of investment and public asset management (DIPAM) has said the government is planning to sell 15% stake in State Trading Corporation (STC). The STC OFS could fetch about Rs 85 crore at current market prices.
The STC stake sale is in addition to over a dozen companies DIPAM has lined up for disinvestment in the current fiscal to raise 36,000 crore from minority stake sales in PSUs. It will raise another 20,500 crore from strategic stake sales. Other PSUs lined up for disinvestment include Oil India, NMDC, Coal India, Oil and Natural Gas Corporation, Hindustan Aeronautics and Power Finance Corporation. Besides, DIPAM is in the process of appointing merchant bankers for stake sales in National Fertilisers (15%) and Rashtriya Chemicals and Fertilisers (5%), Oil India (10%) and NMDC (10%).
In April, the government kick-started its disinvestment process for the current fiscal with 11.36 percent stake sale in state-controlled hydropower producer NHPC at Rs 21.75 per share through an offer for sale which was likely to fetch the exchequer over Rs 2,700 crore.