New Delhi. Prior to LIC, the central authorities has began getting ready to promote a stake in one other PSU firm. The authorities has sought bids for the sale of its complete 52.98 per cent stake in Bharat Petroleum Corporation or BPCL. According to a round issued by the Department of Investment and Public Asset Management (DIPAM), a bid might be submitted by May 2 to purchase a stake in BPCL. Interested traders can ask their questions until April 4. The authorities will promote 114.91 crore fairness shares (which is equal to 52.98 per cent stake) of BPCL. Along with this, the federal government may even switch administration management. <! –
However, BPCL's stake doesn’t embody 61.65 per cent fairness stake in its Numaligarh refinery.
How a lot property must be
Bidders should have a minimal internet value of $ 10 billion to buy BPCL. If a bid is submitted in a gaggle, then the group can have a most of Four members. Of these, the core member ought to have a 40 per cent share, whereas the opposite members ought to have a minimal internet value of $ 1 billion. The authorities has appointed Deloitte Touche Tohmatsu as its transaction advisor to take ahead and deal with BPCL's disinvestment course of.
The stake may even be offered in LIC
Significantly, the federal government may even promote stake in LIC, the nation's premier insurance coverage firm. This proposal was introduced on this funds. The authorities will deliver an IPO of LIC, after which it is going to be listed on the inventory exchanges. However, some guidelines might be amended and amended earlier than LIC's IPO, which can take just a few months. Apart from this, the federal government may even promote its stake in IDBI Bank. An bold disinvestment goal of Rs 2.10 lakh crore has been set for the following monetary yr ie 2020-21. Selling the stake of Bharat Petroleum, IDBI Bank and LIC is a part of the identical objective.
– Big disclosure: Know why Govt is promoting stake in authorities corporations