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Cabinet Clears Public Offer Plans Of 7 State-Run Companies

28 December, 2018 10:25 AM
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Cabinet Clears Public Offer Plans Of 7 State-Run Companies

Law Minister Ravi Shankar Prasad said the companies will raise funds via initial public offer (IPO) or follow-on public offer (FPO) routes.

The government on Friday said that the Cabinet Committee on Economic Affairs (CCEA) has cleared share sale plans of seven public sector companies. Giving details of the PSU (public sector undertaking) companies, Union Minister Ravi Shankar Prasad said the companies will raise funds via initial public offer (IPO) or follow-on public offer (FPO) routes. The Cabinet cleared Telecommunication Consultants India, RailTel Corporation India, National Seed Corporation India, Tehri Hydro Development Corporation, Water & Power Consultancy Services and FCI Aravali Gypsum and Minerals to raise funds through the IPO route, Mr Prasad said in a press conference.

One of the seven firms, Kudremukh Iron Ore Company, is already listed on bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The government said it would reduce its stake in Kudremukh Iron Ore (KIOCL). The Cabinet Committee of Economic Affairs also approved an FPO for Kudremukh Iron Ore Company, he said.

Mr Prasad did not elaborate on the timing of the proposed share sales.

Source: ndtv.com

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