27 April 2016 Current Affairs: The Government of India has started the disinvestment process of the current fiscal as the GOI has planned to sell its 11.36% equity shares in the National Hydroelectric Power Corporation (NHPC) at rs.21.75. This disinvestment is likely to raise about rs. 2,700 crore. The issue price of share is at a discount of 5.6% to NHPC's closing price of Rs 23.05 on BSE.
Presently, the Government holds 85.96 % in NHPC and selling over 125 crore shares (11.36%) which would help it comply with the minimum public shareholding norms. In this disinvestment a minimum of 20% shares have been reserved for retail investors and around 25% shares have been reserved for the mutual fund and insurance companies.
This disinvestment came across because of newly-renamed Department of Investment and Public Asset Management (DIPAM) is races to meet the budgeted disinvestment target of Rs.56,500 crore. The NHPC would be the first PSU stake sale on the block. However, the government has already lined up over a dozen PSUs for stake sale in the current fiscal.
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