The floor or the minimum offer price for Nalco's share sale has been set at Rs 40 apiece, which was a 10 per cent discount to Thursday's close of Rs 44.65.
On the third day of his Orissa tour on Sunday, Congress general secretary Rahul Gandhi visited a NALCO plant in Angul in Orissa and spent time with workers and their families, listening to their demands. Rahul, who visited the PSU aluminium manufacturing unit, which was on the verge of privatisation during the NDA regime, received a grand welcome.
The mines ministry has sought Prime Minister Manmohan Singh's intervention in bailing out aluminium giant Nalco of the acute paucity of coal, which has forced the PSU to close down two of its captive power plants.
Mines Minister B K Handique said that his ministry is not in favour of any further equity dilution in the navratna PSU.
The mines ministry has put a conditional offer to offload 10 per cent stake in Nalco, saying that the money accrued from such a sale would be invested in the PSU.
Company looking for acquisition of coal properties abroad.
National Aluminium Company had said on Friday that its power units, capable of generating 960 MW, had to be shut down owing to serious coal crisis.
Stocks of government probables for divestment or stake sale such as Steel Authority of India (SAIL), Mahanagar Telephone Nigam (MTNL), National Aluminium Company (Nalco) and Container Corporation (Concor) have outperformed the markets in the past one year.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
The divergence shows lack of financial depth in the Indian stock markets.
PSU employees will now get an option to subscribe up to 5 per cent of the issue size at a discount after the completion of disinvestment in the concerned state-owned company.
The Public Enterprises Selection Board, which advises and helps government in selection of board members at public sector firms, has started the recruitment process for at least 27 board positions of various PSEs, a number of which have already fallen vacant. Among the Chairman or CMD level vacancies, for which applications are being sought, the positions of HAL Chairman and CMDs at HSL, ECIL, MSTC, STC and BEL would fall vacant between April-June next year.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Lines up seven OFS issues along with half a dozen IPOs for the next few months
The Coal Ministry on Monday received a total 69 applications from various PSUs
Other companies which are on the block include NMDC, NALCO and IOC.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
Arun Jaitley will aim for jumps in other revenue streams for the government.
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore (Rs 430 billion) from divestment proceeds, almost the same level that the government expects to realise from stake sale in PSUs this fiscal.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Expects to raise Rs 9,300 crore from Indian Oil share sale on Monday
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Biggest ever share sale by any private or public sector co in India.
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