Others shortlisted by the Department of Disinvestment for the NTPC offer were Deutsche Bank, SBI Capital Markets and Kotak Mahindra Capital.
Indicating unleashing of more measures to boost economy, Finance Minister P Chidambaram on Monday ruled out rolling back decisions on diesel, LPG and FDI in retail and expressed confidence that the government faces no threat from allies either inside or outside.
The government had last sold 5 per cent stake in ONGC in 2012 for Rs 14,000 crore (Rs 140 billion).
The government is selling over 41.22 crore shares or 5 per cent stake in NTPC.
The government had proposed to raise Rs 30,000 crore from divestment in the current fiscal.
The Department of Disinvestment has sought comments on a draft note proposing share sales to public.
6 locations in New Delhi and 2 in Mumbai were raided.
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
Divestment in top PSUs could make the ETF as big as Rs 30,000 crore.
The company has withdrawn the draft red herring prospectus (DHRP) for a follow-on public offering (FPO) filed with the Securities and Exchange Board of India in September for the disinvestment of the government's five per cent stake in the company.
Post-sale, the government stake would be 75 per cent, which will help NTPC to comply with the minimum public shareholding norms.
Finance Ministry officials are engaging in hectic parleys with the PSUs to speed up the process so that the disinvestments can take place in the December and March quarters.
The new guidelines restrict bankers not just from advising private sector companies in the 'same line of business' on public issues.
The new owner may be allowed to dispose of assets accruing from the 10-26 per cent of the net assets of the company.
Jaitley's team presents a quintessential mix of foreign-educated, intellectual technocrats and seasoned bureaucrats
Sources said valuation of all these assets was an ongoing process, and the mode and manner of disposal would be decided on a case-by-case basis
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
The move is expected to encourage brokers to sell issues, which have not received a very encouraging response so far.
Earlier this year, the government raised around Rs 1,000-crore by selling its stake in Satluj Jal Vidyut Nigam.
Mitra will take over from P V Bhide after January 31.
Just five days after mandating all listed companies to have a minimum 25 per cent public float, the government said on Wednesday indicated it was open to a review of the new rules. "If there is need for any modification, correction, amendment, or may be amplification, it will be done," Finance Secretary Ashok Chawla told reporters on the sidelines of a function by the Confederation of Indian Industry.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
There is a strong hint that the proposed IPO will be of 11 per cent instead of the earlier plan of 15 per cent (10 per cent public, 2 per cent employees and 3 per cent land losers).
Coal ministry officials along with senior officials from Coal India and department of disinvestment would meet with capital market regulator Securities and Exchange Board of India this month to take forward the process of listing the public sector unit.
The government will retain 51 per cent stake in all public sector units, finance secretary Ashok Chawla said. The government has proposed to mop up Rs 1,100 crore (Rs 11 billion) this fiscal from divestment of stake in PSUs.
The government has already mopped up more than Rs 17,000 crore (Rs 170 billion) through divestment in the current financial year and is on course to achieve the Rs 40,000 crore (Rs 400 billion) target by fiscal year-end.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
He said any decision regarding divestment of BHEL has to be taken by the board of the company.
The government will soon issue guidelines for regulation of OTT (over the top) platforms that will address issues such as sensitive content, the Rajya Sabha was informed on Tuesday.
Air India had stopped the practice of issuing tickets on credit to government agencies for the travel of their officials in December last year because of accruing pending bills.
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It is a non-deal roadshow that begins amid threat of workers strike against divestment move
Arun Jaitley will aim for jumps in other revenue streams for the government.
The BSNL board had last year approved a plan under which the government would divest 10 per cent of its shares to the public. But opposition from the unions backed by the Left parties -- which supported the United Progressive Alliance in the last Parliament -- had stalled the process. That opposition has abated, now that the Left is no longer a factor in the current ruling alliance.
The Ministry of Finance may seek the Union Cabinet's approval for the proposed 10 per cent stake sale in state-owned Coal India Ltd by the end of this month, a senior Coal Ministry official said
To meet the revised estimates for 2019-20, the central government will have to garner Rs 5.03 trillion in total revenues in March, which has seen the worst phase of the coronavirus pandemic so far and the resultant lockdown.
The power ministry had approached the department of disinvestment in August 2007 for approval for NTPC's FPO, which could fetch the company nearly Rs 6,000 crore to part-finance its expansion programme.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Finance ministry's drive is meant to meet fiscal deficit target and improve overall efficiency in government spending.
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