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CIL, ONGC disinvestment likely to be in 2 tranches

06:24 AM Jun 01, 2019 | Free Press Journal Correspondant

New Delhi : The government is planning to offload a part of its stake in Coal India and ONGC in two tranches to get a fair value of the equity, official sources told PTI.

Dates for sale of its stake in Coal India and ONGC will be decided after studying the market conditions, they added.

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The Cabinet has approved 5 per cent stake sale in ONGC, which could fetch an estimated Rs 11,477 crore to the exchequer. A 10 per cent divestment in Coal India could garner an estimated Rs 15,740 crore.

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As regards the date for stake sale, they said it will be decided after taking into consideration market conditions. “There are still lots of ifs and buts in ONGC and Coal India stake sale,” the source said.

Shares of ONGC closed at Rs 385.80, up 1.34 per cent. Coal India shares closed at Rs 347.80, up 0.12% over previous close on the BSE. The government proposes to raise Rs 43,425 crore through stake sale in PSUs in the current fiscal.

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