Date:18/02/2006 URL: http://www.thehindubusinessline.com/2006/02/18/stories/2006021803770900.htm

Back Govt to list profitable CPSEs on domestic stock exchanges

Our Bureau

New Delhi , Feb. 17

REAFFIRIMING its decision to abide by the policy articulated in the National Common Minimum Programme, the Minister of State for Finance, Mr S.S. Palanimanickam, today told the Lok Sabha that the Government had decided, in principle, to list large, profitable Central Public Sector Enterprises on the domestic stock exchanges and to selectively sell small portions of equity in listed profitable CPSE.

The Minister, however, said that the Government has no plans to divest its stake in CPSE navratnas.

In a written reply to a question, Mr Palanimanickam said that the Government had recently decided to divest 5 per cent of its equity shareholding of 100 per cent in Power Finance Corporation and also divest 15 per cent of its equity of 98.34 per cent in the National Mineral Development Corporation through `offer for sale' in the domestic market.

"The disinvestment in PFC would be through piggy-back riding on the public issue being done by it," the Minister said and added that the amount of monies raised would depend on the market conditions and other relevant factors at the time of the sale.