Govt approves buyback of PSU shares
Hindustan Times | , New Delhi
HT Corresponden Mar 01, 2012 11:03 PM IST
The government on Thursday approved the proposal for expediting disinvestment through the buyback route under which blue chip state-owned companies will buy its stake.
The government on Thursday approved the proposal for expediting disinvestment through the buyback route under which blue chip state-owned companies will buy its stake.
The decision was taken by the Cabinet headed by Prime Minister Manmohan Singh, sources said.
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The proposal will allow the governmentto raise funds by selling its stake in the PSU to the same undertaking.
The government had set a disinvestment target of R40,000 crore for 2011-12. It has been able to raise only R1,145 crore through stake sale in PFC. Its sale of stake in ONGC through the auction route is likely to fetch another R12,000-13,000 crore.
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