| 1 || July, 2017 || |
- Pursuant to the announcement made in the Budget on creation of an integrated public sector oil major, the CCEA in its meeting held on 19th July, 2017 has given an in-principle approval to consider strategic sale of the Government of Indias existing 51.11 per cent of total paid-up equity shareholding in Hindustan Petroleum Corporation Limited (HPCL) to Oil and Natural Gas Corporation Limited (ONGC) along-with transfer of management control.
- The IPO issue of Cochin Shipyard Ltd. (CSL) was opened for subscription on 1st to 3rd August, 2017 with a price band of Rs. 424 to 432 per share of face value of Rs.10. The Government is expected to realise Rs. 480 crore through this issue.
- The OFS issue to disinvest 15 per cent paid up capital in National Fertilizers Ltd. (NFL) out of GoIs shareholding was held from 26.07.2017 to 27.07.2017. An amount of Rs. 530.72 crore has been realized through this OFS transaction.
| 2 || June, 2017 || |
- As a part of the initiative to divest SUUTIs holdings, shares of L&T Ltd. amounting to 2.59 per cent of the equity capital of the company were sold on 21st June, 2017. The Government realised an amount of Rs. 4153.65 crore (approx.) through this transaction. Subsequently, the OFS issue to disinvest 5 per cent paid up capital in Rashtriya Chemicals & Fertilizers Ltd. (RCFL) out of GoIs shareholding was completed on 30th June, 2017. The Government realized an amount of Rs. 205.15 crore through this OFS transaction.
- As approved by the Alternative Mechanism, the Government also participated in the buyback offer of Oil India Limited (OIL), which was opened between 23rd May, 2017 and 5th June, 2017. The Government received an amount of Rs. 1135.25 crore through this buyback transaction. Post this buyback, GoIs shareholding in the company stands at 66.13 per cent.
| 3 || May, 2017 || |
- Listing of HUDCO on the Stock Exchanges through the public issue marked the launch of first CPSE-IPO since April 2012. The IPO which was opened for the public from 8th - 11th May, 2017 received an un-precedent response from the investors across the board and overall, the issue got oversubscribed by more than 79 times. The IPO received more than 20 lakh applications, which is the highest number of applications received in an IPO in recent times. Overall, bids worth Rs. 97,000 crore were received for an issue size of Rs. 1,200 crore. The issue received highest employees participation as well.
| 4 || April 2017 || |
- As announcement made in the Budget 2017-18 and the extant disinvestment policy, the Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 12.04.2017 has approved listing in RVNL, IRCON International Ltd., IRFC Ltd., IRCTC Ltd., RITES Ltd., BDL, GRPSE Ltd., MDSL, NEEPCO Ltd. MSTC Ltd and MIDHANI on the stock exchanges. Listing of these companies on the stock exchanges will not only facilitate unlocking of their true value but also promote peoples ownership through their participation in public issues of these CPSEs. With a view to expedite the listing process, the process for selection of BRLMs and Legal Advisors has already been initiated by inviting request for proposals (RFPs) during the month.
- Post the approval of the Alternative Mechanism for disinvestment of GoIs shares in NTPC, NHPC, PFC, REC, SAIL, NLC, IOCL on 13.04.2017, RFPs have been issued for the selection of Merchant Bankers and Legal Advisors to further undertake the disinvestment transactions.
- The window for subscription of offer of shares to employees of Hindustan Copper Ltd. (HCL) was opened from 22.03.2017 to 28.03.2017. The employees were offered the shares at a price of Rs. 58.90 per share, with a 5 per cent discount to the issue/discovered price of the OFS. The GoI received an amount of Rs. 3.73 crore from the employees OFS of HCL.
- With a floor price of Rs. 67/- per share, disinvestment of 9.2125 per cent paid-up equity capital of NALCO through OFS method was concluded on 19th & 20th April, 2017. With a view to promote wider participations, 20 per cent shares were reserved for retail investors with a discount of 5 per cent to the cut-off price. With an over subscription of 3.17 per cent, the cut-off price for retail investors eventually settled at Rs. 69.8 per share. The GoI received an amount of Rs. 1191.73 crore as disinvestment proceeds from the transaction. Green-shoe option (option to retain over-subscription) was used for the first time since the introduction of T-1 notice period for OFS by SEBI in February, 2016.
| 5 || March 2017 || |
- As against this the revised disinvestment target of Rs. 45,500 crore for 2016-17, the Government realized a total amount of Rs 46,247 crore, comprising Rs.35,468 crore from CPSEs disinvestment and Rs. 10,779 crore from strategic disinvestment and income from management of SUUTIs investment. A total number of 16 transactions were undertaken during 2016-17 vis-a-vis average no. of 4 transactions per year (4.2) for the period between 2009-10 to 2013-14 (5 years). Allocation of shares to CPSEs employees through employees-OFS issues amounted to Rs. 530 crore.
- Realization of Rs. 8500 crore through CPSE-ETF during 2016-17 accounts for 24 per cent of CPSEs disinvestment receipts and 18.4 per cent of the total realization (including strategic) during the year. Building on success of Further Fund Offer (FFO-I), the CPSE-ETF FFO-II was launched from 14th March, 2017 with the offer got oversubscribed by approx. 4 times. An amount of Rs. 2499 crore has been received through this offer. An additional amount of Rs. 1000 crore has also been received as income from management of SUUTIs investment on 29.03.2017.
- As approved earlier by the Alternative Mechanism (AM), the Government participated in the buyback offers of National Hydroelectric Power Corporation Ltd. (NHPC Ltd.) and Neyveli Lignite Corporation Ltd. (NLC) during the month and realized Rs. 1948.52 crore and Rs. 1429.38 crore respectively through these transactions.
| 6 || February 2017 || |
- As a part of the initiative to divest SUUTIs holdings, shares of ITC Ltd. amounting to 2 per cent of the equity capital of the company was sold through block trades on 07.02.2017. The Government realised an amount of Rs. 6682.36 crore (approx.) through this transaction.
- The OFS issue to disinvest 5 per cent paid up capital in Bharat Electronics Ltd. (BEL) out of GoIs shareholding was held from 22.02.2017 to 23.02.2017. An amount of Rs. 1672.66 crore has been realized through this OFS transaction.
| 7 || January 2017 || |
- Government launched a Further Fund Offer (FFO) of the CPSE-ETF Scheme. The FFO was opened for anchor investors on 17th January and for public issue during 18th-20th January. In order to encourage retail investors to invest in the FFO, they were given first preference for allotment under the Non-anchor category, followed by the retirement funds and other investors respectively. The issue size had been kept at Rs. 4500 crore with an option to retain an additional amount of Rs. 1500 crore. Overall, the issue was oversubscribed by 2.30 times, with overwhelming response, especially from the retail investors, Provident/Pension Funds and the FIIs. The Government realized an amount to the tune of Rs.6000 crore through this offer.
- The MOIL-OFS issue to disinvest 10 per cent paid up capital of MOIL Ltd. out of Government of India shareholding was held from 24.01.2017 to 25.01.2017. An amount of Rs.484.95 crore has been realised through this OFS transaction.
| 8 || November 2016 || |
- In the light of the decision that Specified Undertaking of the Unit Trust of India (SUUTI), which holds shares of Axis Bank, ITC Ltd. and L and T shares, may divest upto 3 per cent of its total shareholding in L and T in the market, a total number of 1,48,23,702 shares of Larsen and Toubro Ltd. (1.62 per cent of the equity capital of the company) was sold out of SUUTIs strategic shareholding through bulk trade on 4th November, 2016. The Government received an amount of Rs. 2096.34 crore from this strategic sale.
- Post the OFS issues, sale of share to the eligible employees of NHPC, Dredging Corporation of India Ltd.(DCIL) and CONCOR also resulted into a total realization of Rs. 31.54 crore to the Government during the month.
| 9 || October 2016 || |
- Post the OFS issue, sale of share to the eligible employees of EIL was held from 15th September, 2016 to 23th September, 2016. The employees offer got unprecedented response with nearly 63.72 per cent of the eligible employees participated in the offer, bidding for 99.4 per cent of shares on offer. As a result, the GoI received realized an amount of Rs. 31.38 crore through this employees OFS in the first week of October.
- The Government participated in the buyback offer of MOIL, NMDC, BEL, CIL during the month and realized Rs. 794 crore, Rs. 7519 crore, 1803 crore and Rs. 2638 crore respectively through these transactions.
- Disinvestment of GoI’s shareholding of 15 per cent paid-up equity capital in National Building Construction Corporation Ltd. (NBCC) through OFS route was also held on 20-21 October, 2016. The GoI realized Rs. 2,201 crore as a disinvestment proceeds from this transaction.
- As a result, the Government has overall realized Rs. 21,401 crore through 11 transactions (6 disinvestment and 5 buyback transactions) by end-October, 2016 which constitutes around 60 per cent of the CPSEs’ disinvestment target of Rs. 36,000 crore during 2016-17.
- The CCEA in its meeting held on 27th October, 2016, gave in-principle approval on strategic disinvestment of CPSEs based on first and second tranche recommendations of NITI Aayog.
| 10 || September 2016 || |
- During the month, the Government participated in the buyback offer of NALCO and realized an amount of Rs. 2832 crore. Post this buyback transaction, the Government shareholding in NALCO has come down to 74.57 per cent from 80.93 per cent.
- Disinvestment of GoIs shareholding of 7 per cent paid-up equity capital in Hindustan Copper Limited (HCL) through OFS route was held for non-retail/institutional and retail investors on 27th September, 2016 and 30th September, 2016 respectively. Overall, the issue got subscribed by 1.55 times, with the Government realising approx. Rs. 400 crore as disinvestment proceeds from this transaction.