Govt appoints two firms to manage Balco stake sale

The Union finance ministry’s department of disinvestment has appointed independent valuation firm American Appraisal Associates Inc. and merchant banking firm Resurgent India to manage the government sale of its stake in Bharat Aluminium Co. Ltd (Balco), American Appraisal said in a press statement.

Earlier, the government had sought bids from merchant bankers to be submitted by 11 July for a fresh valuation of its residual stake in Balco with the intention of exiting the company. The government still holds 49% in Balco after selling 51% to Sterlite Industries Ltd in 2001 during the earlier National Democratic Alliance (NDA) government.

Meanwhile, the disinvestment department has invited bids from merchant bankers for divesting 5% paid-up equity share capital of Oil and Natural Gas Corp. Ltd (ONGC) comprising of 42,77,74,506 shares of face value of Rs.5 each, out of its shareholding of 68.94% in the domestic market through the offer for sale route. The proposals can be submitted by 6 August. The bids will be opened on 7 August.

The government has budgeted to garner Rs.63,425 crore from disinvestment including stake sales in Balco and Hindustan Zinc Ltd as well as in Specified Undertaking of the Unit Trust of India.

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