Cabinet approves stake sale in Indian Oil, NTPC
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The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, on Wednesday approved the disinvestment department’s plan to sell stakes in Indian Oil and NTPC as part of the Centre’s Rs 41,000-crore divestment target for public sector undertakings. At current share prices, a planned 10 per cent stake sale in oil marketing company Indian Oil could fetch Rs 8,120 crore, while a five per cent stake sale in power producer NTPC could get the exchequer Rs 5,689 crore.
The Centre had last divested part of its stake in Indian Oil in March last year and in NTPC in February 2013.
NTPC fell almost three per cent to close at Rs 138 a share on Wednesday on the BSE exchange. The Indian Oil scrip, trading at Rs 334.60 a share in the morning session, fell three per cent after the Cabinet approval to an intraday low of Rs 324.50 a share before recovering to close at Rs 334.45 on BSE.
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