| 1 || August, 2019 || |
- A. Progress of Initial Public Offer (IPO)/ Follow-on Public Offer (FPO) Cases during the month of August 2019: (i) KIOCL Ltd.: Request for Proposal (RFP) for engagement of registrar for disinvestment of KIOCL Ltd. through FPO in the domestic market has been floated on 07.08.2019. (ii) Mazagon Dock Shipbuilders Ltd. (MDL): Alternative Meeting (AM) in its meeting on 02.08.2019 has approved the following recommendation of High Level Committee (HLC) in respect of issue size and quantum of disinvestment in MDL out of Government of India's shareholding of 100 percent: (a) A public offer of shares of 12.5 percent of GoI's 100 percent shareholding in MDL through IPO through the process of book building and a reservation of upto 5 percent of post issue equity capital to eligible employees of MDL. (b) The reservation of shares to employees of MDL would be over and above the Net Public Offer of 12.5 percent of shares mentioned above. (iii) THDC Ltd.: RFP for engagement of Legal Adviser (LA) and Book Running Lead Manager (BRLMs) have been floated.
- B. Progress of Offer for Sale (OFS) Cases during the month of August 2019: IRCON: Meeting of the 2nd Inter-ministerial Group (IMG) for selection of Book Running Lead Manager (BRLM) and Legal Adviser (LA) was held on 30.08.2019.
- C. Progress of Important Strategic Disinvestment Cases during the month of August 2019: (i) Vignyan Industries Ltd. (VIL): Alternative Mechanism (AM) in its meeting on 23.08.2019 has approved the following recommendation of Core Group of Secretaries on Disinvestment (CGD) for closure/disinvestment of VIL, a subsidiary of BEML Ltd.: (a) VIL may be strategically disinvested. Process for strategic disinvestment of VIL may be carried forward and completed within 4 months by BEML Ltd./ Department of Defence Production (DoDP). In case of no strategic buyer is found, DoDP/BEML shall initiate the process for closure of VIL. (b) The surplus land of VIL measuring 10 acres should be transferred to Mirror Entity and disposed-off separately to unlock the true value of the land. The action for disposal of the surplus land may be initiated simultaneously along with disinvestment of VIL. (ii) NMDC Ltd. and Nagarnar Steel Plant: CGD has considered the DIPAM's proposal on the demerger of NMDC and strategic sale of Nagarnar Steel Plant. In this regard, a CCEA Note incorporating the recommendation of CGD has been initiated. (iii) Engineering Projects (India) Ltd. (EPIL): Revised Expression of Interest (EoI) has been approved by the Alternative Mechanism (AM) on 20.06.2019, which has been advertised in the newspapers. EoIs invited by 13.08.2019, later extended upto 13.09.2019. (iv) Pawan Hans Ltd. (PHL): After Alternative Mechanism's (AM) approval, fresh PIM/EoI has been issued on 11.07.2019. Last date for receiving EoI was 22.08.2019, which was extended upto 12.09.2019. (v) Three Units of SAIL: Bhadrawati, Salem and Durgapur: Last date of submission of EoI has been extended to 10.09.2019. (vi) HLL Lifecare Ltd.: A D.O. letter was sent to Secretary, Ministry of Health on 23.08.2019 to update Expression of Interest (EoI)/Preliminary Information Memorandum (PIM) and to convene Evaluation Committee (EC) meeting. Simultaneously, a meeting was held in DIPAM on 28.08.2019 with JS(Health) and Transaction Adviser to firm up the contours of the strategic disinvestment. (vii) India Medicines & Pharmaceuticals Corporation Ltd. (IMPCL): Transaction Adviser shared draft Share Purchase Agreement (SPA) with bidders on 19.08.2019 for comments. A D.O. letter has been sent to Secretary (AYUSH) on 23.08.2019 to convene EC meeting to approve the reports and RFP & SPA.
- D. Important meetings during the month of August 2019: (i) An Inter-ministerial Group (IMG) meeting was held on 07.08.2019 for selection of intermediaries in connection with the Initial Public Offer (IPO) of FCI Aravali Gypsum and Minerals (India) Ltd (FAGMIL), WAPCOS Ltd. and Telecommunications Consultants India Ltd. (TCIL). The Request for Proposals (RFPs) for Selection of Book Running Lead Manager (BRLM) have been issued on 10.08.2019. (ii) Meeting of the IMG was held on 08.08.2019 and 13.08.2019 under the Chairmanship of the Secretary, DIPAM for empanelment of consultancy firms for monetisation of assets of CPSEs/PSUs/other Government Organisations. (iii) Meeting of the IMG was held on 27.08.2019 under the Chairmanship of the Secretary, DIPAM, co-chaired by Secretary, Department of Defence Production, in order to identify/ select the assets of BEML Ltd. for asset monetisation. An IMG also held under the Chairmanship of Secretary and co-chaired by Secretary, Department of Heavy Industries in order to identify/select the assets of 6 CPSEs namely; (i) Hindustan Cables Ltd., (ii) HMT Watches Ltd., (iii) Bharat Pumps & Compressors Ltd., (iv) Scooters India Ltd., (v) Instrumentation Ltd., and (vi) Bridge & Roof Company Ltd. (iv) Meeting of IMG was held on 07.08.2019 for selection of Adviser for creation and launch of Financial Sector Exchange Traded Fund (ETF) comprising shares of listed Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs) and Public Financial Institutions (PFIs). IMG recommended M/s ICICI Securities as an Advisor for the proposed Financial Sector ETF and Finance Minister has given approval for the same. Appointment letter to the Advisor has since been issued. (v) Meeting of the Core Group of Secretaries on Disinvestment (CGD) was held on 14.08.2019 under the Chairmanship of Cabinet Secretary to review the improvements in operational and financial efficiency in Air India. Meeting of the CGD was also held on 23.08.2019 under the Chairmanship of Cabinet Secretary for consideration of percentage of stake of GoI to be divested, eligibility parameter for interested bidders in Expression of Interest (EoI) for Strategic disinvestment of Air India. (vi) CCEA Note on modification in the existing procedure and mechanism for strategic disinvestment of CPSEs has been sent to Cabinet Secretariat on 30.08.2019 for consideration and decision. (vii) Meeting of the Inter-ministerial Group (IMG) under the Chairmanship of Secretary (DIPAM) was held on 29.08.2019 to consider buyback of 6 CPSEs namely SJVN Ltd., MOIL, Bharat Electronics Ltd., NBCC, IRCON international and RITES Ltd. based on the 'Guidelines on Capital Restructuring of CPSEs' dated 27.05.2016.
- E. Domestic Road show during the month of August, 2019: (i) In respect of Mazagon Dock Shipbuilders Ltd. (MDL) IPO, domestic road shows were held in Mumbai on 27th to 30th August, 2019 and 3rd September, 2019.
| 2 || July 2019 || |
- A. Completed Transaction during the Month of July 2019: (i) CPSE ETF (FFO V): The Further Fund Offer (FFO) V of CPSE ETF was launched during 18th & 19th July, 2019. The Government received disinvestment proceeds amounting to Rs.10,000.39 crore. With this transaction, the total disinvestment proceeds at the end of July 2019 was Rs.12,357.49 crore. B. Progress of Initial Public Offer (IPO) Follow on Public Offer (FPO) Cases during the month of July 2019 (i) Mazagon Dock Shipbuilders Ltd. (MDL) A review meeting for MDL IPO was held on 9.07.2019. Further, a meeting of the High Level Committee (HLC) was held on 23.07.2019 in relation to listing of MDL, and it was suggested that fresh Draft Red Herring Prospectus (DRHP) may be filed by the first week of August, 2019 and the issue may be launched before 30.09.2019. (ii) KIOCL Ltd. DIPAM on 18.07.2019 had issued appointment letters to M/s IDBI Capital as Book Running Lead Manager (BRLM) and M/s SNG & Partners as Legal Adviser for the disinvestment of KIOCL Ltd. through FPO method. A Kick off meeting for the transaction was also held on 26.07.2019. (iii) Telecommunication Consultants India Ltd. (TCIL) A draft Note for Cabinet Committee on Economic Affairs (CCEA) for IPO of TCIL was circulated on 24.7.2019 to Departments concerned for comments. (iv) THDC Ltd. Request for Proposal (RFP) for engagement of Legal Adviser and BRLMs have been floated. (v) IRCTC: Meetings of the High Level Committee and Alternative Mechanism to determine the issue size and share GoI shareholding to be offloaded and other offer related matters for the IPO of IRCTC were held on 11.07.2019. (vi) RailTel: Book Running Lead Managers (BRLMs) and Legal Adviser have been appointed in respect of RailTel IPO.
- C. Progress of Offer for Sale (OFS) Cases during the month of July 2019 (i) RITES: Merchant Bankers and Legal Adviser have been appointed in respect of RITES OFS. (ii) IRCON Request for Engagement (RFE) of Legal Adviser and Merchant Bankers were floated. D. Progress of Important Strategic Disinvestment Cases during the month of July 2019 (i) Kamarajar Port Ltd. (KPL) An interaction meeting with the Transaction Adviser and Legal Adviser for strategic disinvestment of KPL was held on 1.07.2019 in DIPAM. (ii) Alloy Steel Plant, (Durgapur): Preliminary Information Memorandum (PIM)/Expression of Interest (EoI) was issued on 4.07.2019. (iii) Salem Steel Plant & Bhadravati Steel Plant: PIM/EoI was issued on 4.07.2019. Date for submission was extended until 23.08.2019 (iv) Pawan Hans Ltd. (PHL) After Alternative Mechanism's (AM) approval, fresh PIM/EoI has been issued on 11.07.2019. Last date for receiving EoI is 22.08.2019. (v) Air India Air India Specific Alternative Mechanism (AISAM) has been reconstituted. PIM & EoI for sale of Air India Air Transport Services Limited (AIATSL), a subsidiary of Air India, was issued on 5.02.2019 by AIAHL. Last date of submission was extended upto 26.08.2019. (vi) HLL Lifecare Ltd. A review meeting for strategic disinvestment of HLL Lifecare Ltd. was held on 15.07.2019 in DIPAM (vii) Bharat Pumps & Compressor Ltd. BPCL) EoIs from prospective bidders have been received. AM has approved the Share Purchase Agreement (SPA). Request for Proposal (RFP) was issued on 17.07.2019 to Qualified Institutional Buyers (QIBs) for inviting financial bids by 1.08.2019. No bids were received. (viii) Bharat Earth Movers Ltd. (BEML) DIPAM has issued reminder to Department of Defence Production (DoDP) on 16.07.2019 to expedite the details of non core surplus assets for its consideration. DoDP has forwarded comments to DIPAM. (ix) Project & Development India Ltd. (PDIL) Evaluation Committee meetings on revised PIM/EoI finalization were held on 5.04.2019, 17.05.2019 & 26.07.2019. PIM/EoI will be issued after the approval by Core Group of Secretaries on Disinvestment (CGD) and Alternative Mechanism. (x) Hindustan Prefab Ltd. (HPL) Draft Cabinet Note on closure of HPL received from Ministry of Housing and Urban Affairs was examined and comments forwarded to that Ministry.
- E. Important meetings during the month of July 2019 (i) Merger/Acquisition of Public Sector General Insurance Companies An Inter-ministerial Group (IMG) meeting was held on 1.07.2019 to deliberate the way forward regarding Merger/Acquisition of Public Sector General Insurance Companies. (ii) Asset Monetization of BEML Ltd. A review meeting for Asset Monetization of BEML Ltd. was held on 10.07.2019 in DIPAM. (iii) A meeting was held in the PMO on 25.07.2019 regarding draft CCEA note on "Modification in the existing procedures and mechanism for strategic disinvestment of CPSEs" The draft CCEA note has been circulated for Inter-ministerial/Departmental consultation on 31.07.2019 as per extant instructions. F. Domestic Road show during the month of July 2019 (i) In respect of RITES OFS, domestic road shows were held in Mumbai on 17th & 18th July, 2019.