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Govt Gets LIC's 2k Cr Boost In Record Disinvestment Kitty

Monday, March 25, 2013
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Still, LIC has been the single biggest buyer of shares sold by the government in most of these eight companies.

The government offloaded shares in seven companies through one-day OFS (Offer for Sale) route on stock exchanges, while there was one Initial Public Offer for NBCC (National Buildings Construction Corporation).

In 2011-12, the government garnered Rs 13,894 crore through share sales in two companies ONGC and PFC

Interestingly, the government's first ever equity sale of ONGC through the OFS route (Rs 12,750 crore) in the last fiscal was almost entirely bailed out by LIC, which pumped in close to Rs.12,000 crore during the concluding minutes.

In the current fiscal, NTPC was the biggest stake sale programme, fetching around Rs.11,500 crore wherein LIC is estimated to have invested around Rs.1,600 crore.

Besides, LIC is estimated to have bought shares to the tune of Rs.130 crore in the Rs.5,973 crore share sale of NMDC.

Among others, the government raised Rs.3,141 crore via share sale in Oil India, followed by Steel Authority of India Ltd (SAIL) for Rs.1,514 crore, HCL (Rs.808 crore), NALCO (Rs.620 crore) and RCF.

LIC has purchased shares worth shares worth Rs.211 crore in Hindustan Copper's OFS, Rs.210 crore in NALCO and Rs.142 crore in Rashtriya Chemicals and Fertilizers (RCF).

Also Read:
RBI Extends Deadline For Issuance of New Cheques
10 Banks with Highest Interest Rates in India


Source: PTI
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