Disinvestment of 5 percent paid-up capital in Oil & Natural Gas Corporation Ltd. out of Government of India shareholding
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 5 percent paid-up capital in Oil & Natural Gas Corporation Ltd. (ONGC) out of the Government of India’s shareholding of 68.94 percent.
This would further broad base the shareholding of the Company and would enhance disinvestment receipts.
Background:
ONGC is a "Maharatna" public sector undertaking under the administrative control of the Ministry of Petroleum & Natural Gas. It was established in August, 1956 to plan, promote, organize and implement programmes for development of petroleum resources and the production and sale of petroleum products by it.
The paid-up equity capital of the company, as on 31st March, 2014 is Rs.4277 crore. The President of India holds 68.94 percent of the paid up capital in ONGC. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvest 5 percent paid-up equity in ONGC, out of its equity capital holding of 68.94 percent through Offer for Sale (OFS) method in the domestic market as per Securities and Exchange Borad of India (SEBI) Rules and Regulations. After this disinvestment, the Government of India’s shareholding in the company would come down to 63.94 percent.
Disinvestment of 10 percent paid-up equity capital in Coal India Ltd. out of Government of India shareholding
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 10 percent paid-up equity capital in Coal India Ltd. (CIL) out of the Government of India’s shareholding of 89.65 percent.
The decision to disinvest would help the Government to realize an optimum price for the offer for sale of 10 percent of the Government’s shareholding in the company.
Background:
CIL is a Public Sector Enterprise under the administrative control of the Ministry of Coal. Its objective is to produce and market the planned quantity of coal and coal products efficiently and economically, with due regard to conservation of resources, and safety and quality of life of the workforce.
The authorized capital of the CIL is Rs. 8904.18 crore (Rs. 904.18 crore of non-cumulative 10 percent redeemable preference shares plus Rs. 8000 crore of equity shares) of which the issued and subscribed equity capital as on 31.03.2014 is Rs 6316.36 crore. The President of India holds 89.65 percent of the paid up capital in CIL. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvestment 10 percent equity of CIL out of its holding of 89.65 percent as per the Securities and Exchange Board of India (SEBI) Rules and Regulations. After this disinvestment, the Government of India`s holding in the company would come down to 79.65 percent.
Disinvestment of 11.36 percent paid-up equity capital of NHPC Ltd. out of Government of India shareholding
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 11.36 percent paid up equity capital of NHPC Ltd. out of the Government of India’s shareholding of 85.96 percent.
Increase in public shareholding would provide greater opportunity for the investing public to participate.
Background:
NHPC Ltd. (formerly known as the National Hydroelectric Power Corporation Limited) is a Public Sector Undertaking under the administrative control of the Ministry of Power. NHPC has developed and constructed 20 hydroelectric power stations with a total installed capacity of 6,507 MW. NHPC is presently engaged in the construction of four additional hydroelectric projects. This is expected to increase the total installed capacity by 3,290 MW.
The paid up equity capital of the company, as on 31.03.2014 is Rs.11,071 crore. The President of India holds 85.96 percent of the paid up capital in NHPC. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvest 11.36 percent equity in NHPC, out of its equity capital holding of 85.96 percent through an "Offer for Sale" of Shares through Stock Exchanges, as per SEBI Rules and Regulations. After this disinvestment, the Government of India’s shareholding in the company would come down to 74.60 percent and the company would become compliant to the revised Securities Contracts (Regulation) Rules (SCRR) norms of 25 percent for public shareholding in listed CPSEs.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 5 percent paid-up capital in Oil & Natural Gas Corporation Ltd. (ONGC) out of the Government of India’s shareholding of 68.94 percent.
This would further broad base the shareholding of the Company and would enhance disinvestment receipts.
Background:
ONGC is a "Maharatna" public sector undertaking under the administrative control of the Ministry of Petroleum & Natural Gas. It was established in August, 1956 to plan, promote, organize and implement programmes for development of petroleum resources and the production and sale of petroleum products by it.
The paid-up equity capital of the company, as on 31st March, 2014 is Rs.4277 crore. The President of India holds 68.94 percent of the paid up capital in ONGC. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvest 5 percent paid-up equity in ONGC, out of its equity capital holding of 68.94 percent through Offer for Sale (OFS) method in the domestic market as per Securities and Exchange Borad of India (SEBI) Rules and Regulations. After this disinvestment, the Government of India’s shareholding in the company would come down to 63.94 percent.
Disinvestment of 10 percent paid-up equity capital in Coal India Ltd. out of Government of India shareholding
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 10 percent paid-up equity capital in Coal India Ltd. (CIL) out of the Government of India’s shareholding of 89.65 percent.
The decision to disinvest would help the Government to realize an optimum price for the offer for sale of 10 percent of the Government’s shareholding in the company.
Background:
CIL is a Public Sector Enterprise under the administrative control of the Ministry of Coal. Its objective is to produce and market the planned quantity of coal and coal products efficiently and economically, with due regard to conservation of resources, and safety and quality of life of the workforce.
The authorized capital of the CIL is Rs. 8904.18 crore (Rs. 904.18 crore of non-cumulative 10 percent redeemable preference shares plus Rs. 8000 crore of equity shares) of which the issued and subscribed equity capital as on 31.03.2014 is Rs 6316.36 crore. The President of India holds 89.65 percent of the paid up capital in CIL. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvestment 10 percent equity of CIL out of its holding of 89.65 percent as per the Securities and Exchange Board of India (SEBI) Rules and Regulations. After this disinvestment, the Government of India`s holding in the company would come down to 79.65 percent.
Disinvestment of 11.36 percent paid-up equity capital of NHPC Ltd. out of Government of India shareholding
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the disinvestment of 11.36 percent paid up equity capital of NHPC Ltd. out of the Government of India’s shareholding of 85.96 percent.
Increase in public shareholding would provide greater opportunity for the investing public to participate.
Background:
NHPC Ltd. (formerly known as the National Hydroelectric Power Corporation Limited) is a Public Sector Undertaking under the administrative control of the Ministry of Power. NHPC has developed and constructed 20 hydroelectric power stations with a total installed capacity of 6,507 MW. NHPC is presently engaged in the construction of four additional hydroelectric projects. This is expected to increase the total installed capacity by 3,290 MW.
The paid up equity capital of the company, as on 31.03.2014 is Rs.11,071 crore. The President of India holds 85.96 percent of the paid up capital in NHPC. In accordance with the Government of India`s disinvestment policy, the Government has decided to disinvest 11.36 percent equity in NHPC, out of its equity capital holding of 85.96 percent through an "Offer for Sale" of Shares through Stock Exchanges, as per SEBI Rules and Regulations. After this disinvestment, the Government of India’s shareholding in the company would come down to 74.60 percent and the company would become compliant to the revised Securities Contracts (Regulation) Rules (SCRR) norms of 25 percent for public shareholding in listed CPSEs.
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