Centre to raise Rs 1,200 cr through Nalco disinvestment -Governance Now

Centre to raise Rs 1,200 cr through Nalco disinvestment

Department of investment and public asset management has set a record target of raising Rs 72,500 crores through disinvestment in 2017-18 FY

GN Bureau | April 21, 2017

#PSU #Nalco #National Aluminium Company Limited

The centre has successfully divested 9.2 percent of paid-up capital in the National Aluminium Company Limited (NALCO), a Navratna enterprise, to raise Rs 1,200 crores.

Department of investment and public asset management (DIPAM) under the ministry of finance has set a record target of realising Rs 72,500 crores through disinvestment in the current fiscal. The government had raised Rs 46,247 crores in the last fiscal.

Originally, the disinvestment in NALCO offer for sale (OFS) was pegged at 5 percent, but after getting overwhelming response from the market, DIPAM raised the offer to 9.2 percent on April 19. With this, the centre’s shareholding in NALCO has come down to 65.37 percent.

The retail investor continues to back PSUs’ disinvestments by DIPAM. For the fourth time in a row, retail investors out-performed institutional investors. This is particularly satisfying to DIPAM, as one of the objectives of disinvestment policy is to make PSU shareholding broad-based so that country’s wealth is shared by its citizens.

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