Government's Rs 12,000 crore NTPC stake sale on Feb 7
Posted on: 12:40 AM IST Feb 06, 2013
Mumbai: The government expects to raise around Rs 12000 crore by selling a 9.5 per cent stake in state power utility NTPC Ltd in a share auction on February 7, Disinvestment Secretary Ravi Mathur said.
The floor price for the offer will be announced on Wednesday, he said.
Share sales in state companies has been a key element of the government's plan to bring down its fiscal deficit to 5.3 per cent of gross domestic product by March-end to avoid a credit downgrade from global ratings agencies.
The government aims to raise $5.6 billion by selling shares in the 2012/13 fiscal year to March. Last week, it raised $585 million through a 10 per cent stake sale in state explorer Oil India Ltd.
It expects to sell shares in four other state companies before March-end, Mathur told reporters.