Bloomberg Utv Nov 13, 2009 Govt Moots Sebis Pricing For Divestment

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Information about Bloomberg Utv Nov 13, 2009 Govt Moots Sebis Pricing For Divestment
Economy & Finance

Published on November 17, 2009

Author: Jagannadham

Source: slideshare.net

Description

SMC Capital's Equity Head Jagannadham Thunuguntla also said the government is likely to use the new method for its disinvestment purposes and earn more.

Govt moots Sebi's pricing for divestment PTI Published on Fri, Nov 13, 2009 at 21:27 IST NEW DELHI: The government today said it would consider the option offered by market regulator Sebi to sell its shares in public sector units to institutional investors on the basis of differential pricing. "Now that option is available we will certainly consider it," Disinvestment Secretary Sunil Mitra told reporters. Market regulator Sebi has earlier this week allowed companies to sell their shares to qualified institutional buyers through pure auctioning. This means that instead of giving price band, companies can give only minimum price to these investors and sell shares at different prices to them. SMC Capital's Equity Head Jagannadham Thunuguntla also said the government is likely to use the new method for its disinvestment purposes and earn more. However, these rules would initially be applied to follow-on offers only, Mitra said quoting Sebi's decision. When asked whether retail investors be given some discount to encourage them to invest in these shares, he said the Sebi's decision, in fact, would give that option. As per the Sebi decision, if option of pure auctioning for QIBs is exercised, non-institutional investors like retail, high networth individuals and employees would have to be given shares at minimum price offered to QIBs. When asked about the time frame for stake dilution in 60 firms eligible for disinvestment, Mitra evaded a direct reply. However, he said, the market conditions are good since there has been a huge amount of equity raising by companies both in the private adn a few public sector units.

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