Disinvestment

The Central government has considered eliminating some of the stakes of Life Insurance Corporation of India (LIC) in IDBI Bank as part of its divestment process. However, the decision has not been taken yet and the matter was discussed during consultations on the government’s aim to exit from IDBI Bank, as per a release in cnbctv18.Insurance Regulatory and Development Authority (IRDA) has set a 12-year time frame for LIC to exit from IDBI Bank but there is no bar on the corporation to exit the bank before this period. Sources have indicated that such decisions will be guided by valuations.Finance minister in the budget had said that there is a proposition to sell the balance holding of the government of India in IDBI Bank to private, retail and institutional investors through the stock exchange. But the government is still deciding whether it will sell its equity in IDBI Bank in tranches and the quantum or as a single offer for sale.The government currently holds close to 47% and … [Read more...] about Government to consider LIC participation in IDBI Bank’s disinvestment

New Delhi: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100 per cent stake with management control and has invited the Expression of Interest for the same by March 16.The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said."The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said. The process for the transaction has been divided into two stages, namely, Stage I and Stage II. After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it … [Read more...] about Govt set to privatise solar products manufacturer CEL, invites bids by March 16