| 1 || May, 2018 || |
- Regarding progress of listing of CPSEs approved during FY 2017-18, it is informed that DRHP has been filed in case of RITES Ltd., IRCON International Ltd. & Rail Vikas Nigam Ltd. Further, all intermediaries have been appointed and due diligence by BRLMs and Legal Adviser is in progress in respect of IRCTC and RITES.
- Hon’ble Finance Minister has approved the constitution of Inter Ministerial Group (IMG) for appointment of one Advisor, one Market Maker and one Legal Advisor for creation, launch and implementation of Debt ETF. IMG has approved the Request for Proposal (RFP) for the appointment of Advisor. RFP for appointment of Advisor has been floated for inviting bids from interested parties.
- The Department is also preparing a draft Institutional Framework for asset monetisation of CPSEs.
| 2 || April, 2018 || |
- On 18th April, 2018, the third meeting of the independent external monitor (IEM) was held. The IEM was intimated about the following issues - Core Group of Secretaries on Disinvestment (CGD) has approved the bidding process as discussed in the 2nd Meeting of the IEM. However, the CGD decided to provide additional opportunity of e-tender to bidders in case the highest bid is less than the reserve price. Metal Scrap Trade Corporation Limited (MSTC Ltd.) has been engaged on nomination basis to develop E-bidding platform, the portal development is in final stage - testing is being presently carried out by MSTC Ltd. CGD has constituted a Security Committee on Strategic Disinvestment (SCSD), under the chairmanship of Secretary, DIPAM with representation from the Ministry of Home Affairs, Department of Revenue, Department of Economic Affairs, Ministry of Corporate Affairs, Ministry of Law and the Administrative Ministry and Department concerned. The current status of Strategic Disinvestment of various CPSEs, including acquisition of HPCL by ONGC.
- Issues involved in the Strategic Disinvestment of Air India were also deliberated in detail in the meeting of the IEM. IEM noted that the delegation to the Alternative Mechanism to decide on various procedures relating to acquisition of a CPSE by another similarly placed CPSE would help in expediting the process of Strategic Disinvestment.
| 3 || March, 2018 || |
- During the month, the Initial Public Offerings (IPOs) of Bharat Dynamics Ltd (BDL)., Hindustan Aeronautics Ltd. (HAL) and Mishra Dhatu Nigam Ltd. (MIDHANI) were opened for public subscription between 13-15 March, 2018, 16-20 March, 2018 and 21-23 March, 2018 respectively. The Government has realized Rs. 950.35 crore, Rs. 4054.66 crore and Rs. 434.14 crore from the public issues of BDL, HAL and MIDHANI respectively.
- The Government also participated in three buyback offers of Manganese Ore (India) Ltd., Bharat Electronics Ltd. and Satluj Jal Vidyut Nigam Ltd. and realized approx. Rs. 130.85 crore, Rs. 217.76 crore and Rs. 558.68 crore respectively through these transactions.
- The budget estimate (BE) for disinvestment during the year 2017-18 was Rs. 72,500 crore which was subsequently revised to Rs. 1,00,000 crore. This was the highest ever disinvestment target and far exceeded Rs. 46,247 crore achieved during the year 2016-17. As a result of efficient investment management in CPSEs, the Government has realized approx. Rs. 1,00,057 crore through 36 transactions during the FY 2017-18 against Revised Estimate of Rs. 1,00,000 crore.
| 4 || February, 2018 || |
- As approved by the Alternative Mechanism in its meeting held on 4th January, 2018, the Government participated in buyback offer of Antrix Corporation Limited during the month and realized Rs. 238.92 crore through this transaction.
- The High Level Committee (HLC) and Alternative Mechanism (AM) meetings for Initial Public Offers (IPOs) of Bharat Dynamics Limited (BDL) and Hindustan Aeronautics Limited (HAL) were held on 28 February, 2018. The AM considered the recommendations of HLC and approved price band, discount and other offer related matters. The IPOs for BDL and HAL will be opened for subscription from 13-15 March, 2018 and 16-20 March, 2018 respectively.
| 5 || January, 2018 || |
- As approved by the Alternative Mechanism in its meeting held on 20th January, 2018, the deal for transferring GoI's shareholding of 51.11 percent equity in HPCL to ONGC was successfully concluded for a consideration amount of Rs. 36,915 crore. Through this acquisition, ONGC will become India's vertically integrated oil major company, having presence across the entire value chain. The integrated entity will have advantage of having enhanced capacity to bear higher risks, take higher investment decisions and neutralizing the impact of volatility of global crude oil price.
- With this conclusion of this transaction, the Government has so far realized approx. Rs. 92,500 crore, the highest ever mobilization during 2017-18 and far exceeding the target. The Government expects this to reach Rs. 1 lac crore and the Department will move ahead in a prudent manner to achieve the revised target.
- The OFS issue to disinvest GoI's shareholding of 2.52 per cent paid up capital in National Mineral Development Corporation Ltd. (NMDC) was held from 9th January, 2018 to 10th January, 2018. An amount of Rs. 1223 crore has been realized through this OFS transaction.
- The Alternative Mechanism (AM) in its meeting held on 12th January, 2018 approved the filing of DRHP with SEBI as well as recommendations of HLC for divesting GoI's shareholding of 10 per cent and 17.5 per cent in the proposed IPO issue of Mishra Dhatu Nigam Ltd. (MDL) and Garden Reach Shipbuilders and Engineers Ltd. (GRSE) respectively.
| 6 || December, 2017 || |
- As approved by the Alternative Mechanism, the Government participated in 5 buyback offers of Mazagaon Dock Ltd. (MDL), IRCON International Ltd. (IRCON), Hindustan Aeronautics Ltd. (HAL), Garden Reach Shipbuilders & Engineers Ltd. (GRSE) and HSCC (India) Ltd during the month and realized Rs. 253.48 crore, Rs. 190.59 crore, Rs. 921.50 crore, Rs. 77.63 crore and Rs. 49.55 crore respectively through these buyback transactions.
- The High Level Committee and Alternative Mechanism meetings for IPO of Bharat Dynamics Ltd. (BDL) and Mishra Dhatu Nigam Ltd. ( MIDHANI) were held on 11th&12th December, 2017 respectively. The Alternative Mechanism considered the recommendations of High Level Committee and approved the quantum of disinvestment and DRHP for listing of BDL and MIDHANI.
| 7 || November, 2017 || |
- During the month, the IPO of New India Assurance Company Ltd. was opened for subscription from 1st November - 3rd November, 2017 and successfully concluded, with the Government realizing approx. Rs.7,653 crore through this public issue.
- The window for subscription of offer of shares to employees of National Aluminium Company Ltd. (NALCO) was opened from 1-9 November, 2017. The GoI received an amount of Rs.50.51 crore from the employees-OFS of NALCO.
- The Government also participated in the buyback offer of Mazgaon Dock Ltd. (MDL), which was opened between 28th November, 2017 and 4th December, 2017. The Government is likely to realize approximately Rs.253 crore from this transaction.
- The New Fund Offer of Exchange Traded Fund (ETF), named as BHARAT 22 ETF, comprising 22 diversified stocks was opened for subscription between 14-17 November, 2017. The offer received an overwhelming response from all segments of investors, such as, anchor investors, retirement funds, retail investors and others, i.e., QIB/HNI. While the anchor segment was oversubscribed by 6 times, the total book for the offer was oversubscribed by over 4 times. Inflows under the FIIs category to the issue were to the tune of approx. US$ 1.5 billion (Rs. 10,000 crore). In order to satisfy the demand from large number of investors, especially from the retail and the retirement fund category the Government decided to retain a portion of the oversubscription by increasing the issue size of the offer to Rs. 14,500 crore.
| 8 || October, 2017 || |
- The window for subscription of offer of share to employees of Hindustan Copper Ltd. (HCL) was opened from 10th October, 2017 to 18th October, 2017. The GoI received an amount of Rs.0.36 crore from the employees OFS of HCL.
- During the month, the IPO of General Insurance Corporation was opened for subscription from 11th October -13th October and successfully concluded with the Government realizing approx. Rs. 9685 crore through this public issue.
- The OFS issue to disinvest 5 per cent paid up capital in Neyveli Lignite Corporation (NLC) out of GoIs shareholding was also held on 25th & 26th October, 2017 and the Government realized an amount of Rs.722.29 crore through this transaction. Post this divestment, the GoIs shareholding in NLC has come down from 89.32 per cent to 84.32 per cent.
- In respect of strategic divestment, the Alternative Mechanism (AM) in its meeting held on 5th October, 2017 gave approval for the strategic divestment of 8 CPSEs. The Administrative Ministries/Departments have also been authorized to modify the proposed EoI and Preliminary Information Memorandum (PIM) in the light of the recommendations of the CGD and publish the same through the transaction advisor (TA).
| 9 || September, 2017 || |
- The window for subscription of offer of share to employees of National Thermal Power Corporation Ltd. (NTPC) was opened from 11the September, 2017 to 13th September, 2017. The GoI received an amount of Rs. 151 crore (approx) through the employees OFS transaction of NTPC.
- As approved by the Alternative Mechanism, the Government participated in the buyback offer of Bharat Dynamics Ltd. (BDL), which was opened on 22nd September, 2017 and 25th September, 2017. The Government received an amount of Rs. 450 crore (approx) through this buyback transaction.
- In respect of the strategic divestment, the Core group of Secretaries on disinvestment (CGD) in its meeting held on 13th September, 2017 recommended for seeking approval of Alternative Mechanism, in respect of the expression of interests (EoIs) and Preliminary Information Memorandum (PIM) finalized by the respective Evaluation Committee (EC) for strategic disinvestment of nine (09) CPSEs including Bharat Pumps and Compressors Ltd. (BPCL), Bridge & Roof (B&R) Co. Ltd., Engineering Projects (India) Ltd (EPIL), Projects & Development India Limited (PDIL), National Projects Construction Corporation (NPCC), Hospital Services Consultancy Corporation (HSCC), Bharat Earth Movers Ltd (BEML), Pawan Hans Limited (PHL) and Hindustan Prefab Ltd (HPL). CGD also approved guidance note number 1 on the procedure for strategic disinvestment.
| 10 || August, 2017 || |
- As approved by the Alternative Mechanism, the Government participated in the buyback offer of Engineers India Ltd. (EIL), which was opened during the period from 25th July, 2017 to 7th August, 2017. The Government received an amount of Rs. 657.81 crore through this buyback transaction. Post this buyback, GoIs shareholding in the company stands at 54.17 per cent.
- The Cochin Shipyard Ltd. (CSL) IPO issue was opened for subscription from 1st August, 2017 to 3rd August, 2017. The issue was subscribed 76.19 times with institutional and retail investors evincing greater interest.The Government realized an amount of Rs. 470.01 crore through this offer.
- The OFS issue to disinvest 6.83 per cent paid up equity capital in Hindustan Copper Ltd. (HCL) out of GoIs shareholding was held from 2nd August, 2017 to 3rd August, 2017. An amount of Rs. 404.71 crore has been realized through this OFS transaction.
- The second OFS issue of the month to divest 6.65 per cent paid up equity capital in NTPC out of GoIs shareholding was open for subscription from 29th August, 2017 to 30th August, 2017. The Government realised an amount of approx. Rs. 9,118 crore through this transaction.