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IPO process in NHPC and Oil India in progress: Govt

IPO process in NHPC and Oil India in progress: Govt
PTI
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First Published: Tue, Jul 07 2009. 03 51 PM IST
Updated: Tue, Jul 07 2009. 03 51 PM IST
New Delhi: The government Tuesday said process of its stake sale in NHPC and Oil India is in progress, while the disinvestment of other public sector units would be decided on a case by case basis.
“The cases for disinvestment would be decided on a case by case basis. The process of initial public offerings in NHPC and Oil India Limited are already in progress,” minister of state for finance S S Palanimanickam informed the Rajya Sabha.
He, however, said that it is not feasible to estimate the total additional capital likely to be collected from selling of the shares of the public sector industrial institutions.
“It is not feasible to estimate the realisation as the same would depend on various factors such as the percentage of equity to be divested,, the prevalent market conditions, the time of actual disinvestment etc,” the Upper House was informed.
The government also said that the policy of the government is to disinvest small percentage of government shareholding while retaining 51% equity and the management control with the government.
Therefore, there would not be any retrenchment of the employees on account of such disinvestment.
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First Published: Tue, Jul 07 2009. 03 51 PM IST