Major Achievements Archives

S.No. Month Achievements
1 September, 2019
  1. A. Progress of Initial Public Offer (IPO)/ Follow-on Public Offer (FPO) Cases during the month of September 2019: (i) Mazagon Dock Shipbuilders Ltd. (MDL): Meeting of the High Level Committee (HLC) held on 05.09.2019 decided to defer the launch of MDL IPO on the recommendations of Book Running Lead Managers. (BRLMs). Hon'ble Finance Minister has approved the recommendation of HLC to defer the launch of MDL IPO.(ii) KIOCL Ltd.: Selection Committee in its meeting held on 16.09.2019 has appointed Ms. Karvy Fintech Private Ltd. as Registrar for disinvestment of KIOCL Ltd. through FPO in the domestic market. Request for Proposal (RFP) for engagement of Advertisement Agency has been floated on 17.09.2019. (iii) RailTel Corporation of India Ltd. (RAILTEL): Kick off meeting with all stakeholders was held on 17.09.2019. Appointment of Registrar is under process. (iv) Indian Railway Catering & Tourism Corporation (IRCTC): HLC and Alternative Mechanism (AM) meeting was held on 24.09.2019 for fixation of price band, discount and other offer related matter in case of IRCTC IPO. The issue opened on 30.09.2019 and closed on 03.10.2019. The funds would be transferred to GoI account in October, 2019. (v) FCI Aravali Gypsum & Minerals India Ltd. (FAGMIL), WAPCOS Ltd. and Telecommunications Consultants India Ltd. (TCIL): An Inter-ministerial Group (IMG) meeting was held on 27.09.2019 for selection of BRLMs in connection with the IPOs of FAGMIL, WAPCOS & TCIL and also to approve RFP for appointment of Legal Advisers.
  2. B. Progress of Offer for Sale (OFS) Cases during the month of September 2019: (i) RITES Ltd.: Merchant Bankers (MBs) and Legal Adviser (LA) have been appointed in case of RITES OFS. (ii) IRCON International Ltd. (IRCON): Request for Proposal (RFP) for engagement of LA and MBs has been floated.
  3. C. Progress of Important Strategic Disinvestment Cases during the month of September 2019: (i) Nagarnar Steel Plant of NMDC: Comments on Draft CCEA Note have been received from all concerned. Matter is being processed for approval of the competent authorities. (ii) Bharat Earth Movers Ltd. (BEML): Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 16.09.2019 recommended that since the IMG has already identified certain non-core assets for monetisation, DoDP may suggest Board of BEML to pass the resolution to authorise monetization of assets and subsequently process for the approval of Alternative Mechanism (AM). Further, meeting of the Evaluation Committee (EC) was held on 24.09.2019 to discuss Expression of Interest (EoI) and Preliminary Information Memorandum (PIM). EC suggested certain modifications. (iii) Project & Development India Ltd. (PDIL): EC meeting was held on 17.09.2019 in connection with strategic disinvestment of PDIL. (iv) Scooter India Ltd. (SIL): A CGD note was sent to Cabinet Secretariat on 12.09.2019 to seek directions for future course of action. (v) Central Electronics Ltd. (CEL): Directions have been sought on 19.09.2019 from CGD for future course of action. (vi) Pawan Hans Ltd. (PHL): Meeting of the Core Group of Secretaries on Disinvestment (CGD) was held on 06.09.2019 under the Chairmanship of Cabinet Secretary to discuss issues related to bidder queries on Preliminary Information Memorandum (PIM)/Expression of Interest (EoI) for strategic disinvestment of PHL. Further, approval of Alternative Mechanism (AM) was obtained on 12.09.2019 by circulation of proposal regarding issue related to bidder queries on PIM/EoI for strategic disinvestment of PHL. (vii) Air India: Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 06.09.2019 and 25.09.2019 under the Chairmanship of Cabinet Secretary recommended re-initiation of the process of strategic disinvestment of Air India and its subsidiaries. (viii) Three Units of SAIL: Bhadrawati, Salem and Durgapur: Meeting of the Inter-ministerial Group was held on 20.09.2019 where Transaction Adviser (TA) informed that bids have been received from SSP & VISP, but no bid for ASP. (ix) Ferro Scrap Nigam Ltd. (FSNL): Meeting of the IMG was held on 20.09.2019 by Ministry of Steel where MSTC was asked to prepare a proposal for strategic disinvestment of FSNL as per CCEA decision dated 27.10.2016.(x) Kamarajar Port Ltd.: Transaction Adviser (TA) has forwarded draft CIM, SPA and RFP on 30.09.2019 to Ministry of Shipping for approval. (xi) Rastriya Ispat Nigam Ltd. (RINL): Draft CGD Note for strategic disinvestment of RINL was forwarded to Cabinet Secretariat on 12.09.2019 for holding the meeting of CGD.
  4. D. Important meetings during the month of September, 2019: (i) Financial Sector ETF: An Inter-ministerial Group (IMG) meeting was held on 05.09.2019 for selection of Asset Management Company and Legal Adviser (LA) 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). (ii) Bharat 22 ETF: Meeting of the High Level Committee (HLC) was held on 09.09.2019 to make recommendations to Alternative Mechanism (AM) regarding Further Fund Offering 2 of Bharat 22 ETF. Further, meeting of Alternative Mechanism (AM) was held on 12.09.2019 by circulation regarding proposal for FFO 2 of Bharat 22 ETF. (iii) Asset Monetisation: An Inter-ministerial Group (IMG) meeting was held on 13.09.2019. 11 IPC firms have been empanelled for Monetisation of Land & Building of CPSEs/PSUs/other Government Organisation. (iv) Note for the Cabinet Committee on Economic Affairs (CCEA) on modification in the existing procedure and mechanism for strategic disinvestment of CPSEs has been sent to Cabinet Secretariat on 30.09.2019 for consideration and decision.
  5. E. International Road show during the month of September, 2019: (i) In respect of Indian Railway Catering & Tourism Corporation (IRCTC - IPO), international road show was held in Singapore on 16th to 19th September, 2019.
2 August, 2019
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
3 July 2019
  1. 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.
  2. 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.
  3. 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.
4 June 2019
  1. A. Progress of Initial Public Offer (IPO) Cases During the month of June 2019: (i) RailTel IPO: Bids for selection of Book Running Lead Managers (BRLMs) and Legal Adviser (LA) are opened. Presentations for selection of BRLMs & LA are schedule during next month. (ii) Mazagon Dock Shipbuilders Ltd. (MDL): Review meeting for MDL IPO was held during this month. B. Progress of Offer for Sale (OFS) Cases During the month of June 2019: (i) RITES OFS: Bid opening for selection of BRLM and LA was held during this month. C. Progress of Further Fund Offer (FPO) Cases During the month of June 2019: (i)KOICL Ltd.: IMG in its meeting held during this month has recommended M/s IDBI Capital as BRLM and M/s SNG & Partners firm as LA for the disinvestment of KIOCL Ltd. through FPO method.
  2. D. Progress of Important Strategic Disinvestment Cases during the month of June 2019: (i) Nagarnar Steel Plant of NMDC: Recently, the Core Group of Secretaries on Disinvestment (CGD) in its meeting has given in-principle approval for demerger of NMDC. Further, a meeting was held under Secretary, DIPAM with Transaction Adviser (TA) and Legal Adviser (LA) to look into the legalities of the demerger process transferring of land, taxation etc.(ii) Ferro Scrap Nigam Ltd. (FSNL): Ministry of Steel has intimated that FSNL operates in SAIL plants only for extraction of metal from slag, and therefore, there is no logic for its merger with MSTC. Ministry of Steel shall be sending a proposal for merger of FSNL with SAIL shortly. (iii) Alloy Steel Plant, (Durgapur), Salem Steel Plant, Bhadravati Steel Plant: An Inter-ministerial Group (IMG) meeting held during this month when Preliminary Information Memorandum (PIM)/ Expression of Interest (EoI) was discussed. TA has been asked to prepare revised PIM/EoI. (iv) Engineering Projects (India) Ltd. (EPIL): The Alternative Mechanism (AM) approved the EoI and PIM for strategic disinvestment of EPIL by circulation. EoI seeking interest from the prospective bidders was released. (v) Central Electronics Ltd. (CEL): Process at final stage. Request for Proposal (RFP) has been issued to Qualified Institutional Buyer (QIB) inviting financial bids. (vi) Pawan Hans Ltd. (PHL): Alternative Mechanism meeting held for approving the EoI/PIM. (vii) Air India and its subsidiaries/ JV: PIM & EoI for sale of Air India Air Transport Services Limited (AIATSL), a subsidiary of Air India, issued by AIAHL. Last date of submission extended to next month. Once AISAM is constituted, the current status shall be informed and further direction will be taken. (viii) Kamarajar Port Ltd. (KPL): Transaction Adviser and Legal Adviser appointed. EoI and PIM under preparation.
  3. E. Important meetings during the month of June 2019: (i) Financial ETF: A meeting of the Inter-ministerial Group (IMG) was held for selection of an Adviser for creation of new Exchange Traded Fund (ETF) comprising shares of listed Public Sectors Banks (PSBs), Public Sector Insurance Companies (PSICs) and Public Sector Financial Institutions (PSFIs). IMG approved the draft Request for Proposal (RFP) and the same was uploaded. (ii) Asset Monetisation Programme: Pre-bid meeting was held on to clarify the queries from the interested bidders in respect of Request for Empanelment (RFE) for empanelment of consultancy firms on Asset Monetisation of Central Public Sector Enterprises (CPSEs)/Public Sector Undertakings (PSUs)/other Government organizations and Immovable Enemy Properties.
5 April 2019
  1. Completed Transactions during April 2019: (i) Rail Vikas Nigam Ltd. was listed in the stock exchange in April, 2019 and fetched an amount of Rs. 475.89 crore. (ii) Sale of Enemy Shares: This transaction fetched an amount of Rs. 1,875.37 crore in April, 2019.
  2. Important meetings during the month: (i) A presentation on proposed structure of Debt ETF was made by the AMC on 15.04.2019. (ii) An Inter-ministerial Group (IMG) meeting was held on 15.04.2019 regarding engagement of Advisor/ Consultant for Merger/ Acquisition of Insurance Companies.
  3. Progress of Important Strategic Disinvestment Cases during the month:(i) Project & Development India Ltd.: First meeting of the Evaluation Committee (EC) held on 5.4.2019 to consider the revised Expression of Interest (EoI) and Preliminary Information Memorandum (PIM). A review meeting was held in DIPAM on 11.4.2019 to expedite the process. (ii) Pawan Hans Ltd. (PHL): Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 16.04.2019 recommended issue of fresh EoI and PIM in this case. (iii) Bharat Pumps & Compressors Ltd. (BPCL): Virtual Data Room (VDR) has been opened to the bidders. Share Purchase Agreement (SPA) was shared with QIBs on 29.03.2019.(iv) Central Electronics Ltd. (CEL): Draft SPA, referred to M/o Law, has been vetted. Approval of Alternative Mechanism (AM) is awaited. (v) Bharat Earth Movers Ltd. (BEML Ltd.): The due diligence process has been undertaken by the Ministry. CGD note prepared on the recommendations of D/o Defence Production submitted for consideration of CabinetSecretariat on 8.4.2019. Clarification on land use in case of BEML is being sought from D/o Defence Production. (vi)HLL Life Care.: The Ministry has been advised to process for demerger of subsidiaries and provide inputs on PIM. A review meeting was held in DIPAM on 11.04.2019 to expedite the process. (vii) Indian Medicines Pharmaceutical Corporation Ltd. (IMPCL): PIM/ EoI was issued on 13.04.2019. Last date of receiving EoI is 18.05.2019.
  4. International / Domestic Road-Shows during April, 2019: International Road-shows were held in London and Paris from 8th to 11th April, 2019 to explore possibilities of launching an offshore ETF.
6 March 2019
  1. 1. Against the budget estimate (BE) for disinvestment of Rs. 80,000 crore for 2018-19, through efficient investment management in CPSEs, the Government could realize Rs. 84,971 crore. A. Completed Transactions during March 2019: (i) Oil India Ltd. (OIL): The buyback offer of OIL from 15.2.2019 to 1.3.2019, fetched an amount of Rs.720.80 crore. (ii) Coal India Ltd. (CIL): Government of India realized an amount of Rs.1039.71 crore from the buyback of CIL shares.(iii) CPSE ETF FFO 4: The Further Fund Offering - 4 of CPSE ETF was launched from 19th to 22nd March, 2019. Government of India realized an amount of Rs. 9,350.07 crore from this transaction. (iv)National Projects Construction Corporation Ltd. (NPCC): Government of India realized an amount of Rs. 79.80 crore from the strategic sale of NPCC to WAPCOS. (v) MSTC Ltd.: MSTC Ltd. was listed on 29.3.2019 through IPO route. Government of India realized an amount of Rs.210.60 crore from this transaction. (vi) Dredging Corporation of India Ltd. (DCIL): Government of India realized an amount of Rs.1049.17 crore from the sale proceeds of strategic disinvestment of DCIL. (vii) NMDC Ltd.: Government of India realized an amount of Rs.768.78 crore from the buyback of shares of NMDC. (viii) PFC-REC Deal: PFC bought the 52.63% stake of Government of India in REC at a value of Rs. 14499.99 crore.
  2. B. Important meetings during the month: (i) The Cabinet Committee on Economic Affairs in its meeting held on 7.3.2019 approved the following delegation of power to the Alternative Mechanism (AM) in all cases of strategic disinvestment of CPSEs as under: (a) The quantum of shares to be transacted, mode of sale and final pricing of the transaction or lay down the principles/ guidelines for such pricing; and the selection of strategic partner/ buyer; terms and conditions of sale; and (b) To decide on the proposals of CGD with regard to the timing, price, the terms & conditions of sale, and any other related issue to the transaction. (ii)The Union Cabinet had approved the proposal of DIPAM on Laying down procedures & mechanism for Asset Monetisation of CPSEs/PSUs/other Govt. organisations and Immovable Enemy Property on 28.2.2019. C. Progress of Important Strategic Disinvestment Cases during the month: (i) Hindustan Prefab Ltd. (HPL): Alternative Mechanism approved closure of HPL to be initiated by Ministry of Housing & Urban Affairs.(ii) Central Electronics Ltd. (CEL): Draft SPA was considered and approved by CGD on 18.3.2019. Thereafter, the draft SPA has been referred to M/o Law for legal vetting.(iii) Cement Corporation of India Ltd. (CCI): Expression of Interest / Preliminary Information Memorandum (EoI/PIM) approved by Department of Heavy Industry and EoI / PIM published on 2.3.2019.(iv) Bharat Pumps & Compressor Ltd.: Share Purchase Agreement shared with QIBs on 29.3.2018. D. International / Domestic Road-Shows during March, 2019: Domestic Road-shows were held in Mumbai in respect of Rail Vikas Nigam Ltd. The IPO was launched on 29.32019.
7 February, 2019
  1. Completed Transactions: (i) Bharat 22 ETF: The Additional Offer of Bharat 22 ETF was launched on 14.2.2019. Government of India realized an amount of Rs. 10,405 crore approximately toward the sale proceeds. Against, the base issue size of Rs. 3,500 crore, more than Rs. 49,000 crore were received as subscription. (ii) Sale of shares under SUUTI fetched Rs. 5,378.66 crore. (iii) Buyback of ONGC was completed which fetched Rs. 2,510.51 crore
  2. Progress of Strategic Disinvestment Cases during the month: (i) Projects and Development India Ltd. (PDIL): AM in its meeting held on 18.2.2019 decided to open up disinvestment of PDIL to strategic partner. (ii) National Project Construction Corporation Ltd. (NPCC): WAPCOS submitted financial bid on 27.2.2019. Evaluation Committee (EC) in its meetings held on 28.2.2019 and 1.3.2019 considered the valuation made by Transaction Adviser and Asset Valuer and the recommendation of Ministry of Water Resources and recommended reserve price to CGD. (iii) Engineering Projects (India) Ltd. (EPIL): Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 13.2.2019 approved DIPAM's proposal to open the bidding to all eligible CPSEs and to all eligible private sector entities. Decision of CCEA conveyed to DHI on 20.2.2019. EC meeting was held on 28.2.2019. (iv) Bridge and Roof Co. India Ltd. (B&R): Bidders have been shortlisted. Draft SPA shared with shortlisted bidders on 9.2.2019. Virtual Data Room (VDR) was opened on 15.2.2019. (v) Pawan Hans Ltd. (PHL): Final SPA approved by AM on 18.2.2019, provided to shortlisted bidders on 19.2.2019. Bidders to submit financial bid by 12.3.2019. (vi) Central Electronics Ltd. (CEL): EC in its meeting held on 21.2.2019 considered the feedback from QIBs and recommended few substantial changes in draft SPA. Changes in draft SPA submitted for approval of CGD. (vii) Cement Corporation of India Ltd. (CCI): Expression of Interest / Preliminary Information Memorandum (EoI/PIM) approved by DIH and EoI / PIM published on 2.3.2019. (viii) Dredging Corporation of India Ltd. (DCIL): AM has approved acceptance of financial bid by consortium of 4 ports on 4.2.2019. SPA has since been signed and the Government will receive Rs. 1,050 crore from this sale. (ix) Indian Medicines Pharmaceutical Corporation Ltd. (IMPCL): PIM / EoI and draft SPA approved by CGD on 11.2.2019. AM approved PIM / EoI on 20.2.2019.
  3. Progress on other transactions: (i) NMDC Ltd.: NMDC buyback offer of shares opened for subscription on 13.2.2019 and closed on 27.2.2019. Government of India is expected to receive about Rs. 768 crore from this transaction. (ii) Sale of Enemy Shares under Custodian of Enemy Property of India (CEPI) started since 22.2.2019 and so far Rs. 445 crore were received till 7.3.2019.
  4. International / Domestic Road-Shows during February, 2019: (i) International Road-shows were held in Hongkong & Singapore from 11-13th February, 2019 in respect of MSTC Ltd. IPO. Further, Domestic Road-show was held in Mumbai from 20-22th February, 2019 in respect of MSTC Ltd. IPO. (ii) International Road-show was held in Paris on 18.2.2019 in respect of Mazagon Dock Shipbuilders Ltd.
8 January, 2019
  1. Completed Transaction: 1. Buyback of NHPC Ltd.: Buyback of shares offer opened for subscription on 21.1.2019. The Government has received Rs. 397.90 crore approximately from this buyback.
  2. Transactions which are under progress: 1. Important Meetings held during the Month: (i) An Inter-Ministerial Group (IMG) meeting was held on 17.1.2019 for the sale of enemy shares. (ii) A HLC meeting was held on 31.1.2019 with respect of sale of share held under the custody of Custodian of Enemy Property for India. 2. Status of Buyback cases: (i) Indian Oil Corporation Ltd. (IOCL): An IMG meeting was held on 3.1.2019 regarding Buyback of IOCL. (ii) NMDC Ltd.: The High Level Committee (HLC) and Alternative Mechanism (AM) meetings for buyback of shares by NMDC Ltd. were held on 9.1.2019. The AM considered the recommendations of HLC and approved participation of Government in this transaction. 3. Status of Strategic Disinvestment Cases: (i) Kamarajar Port Ltd. (KPL): Core Group of Secretaries on Disinvestment (CGD) in its meeting held on 23.1.2019 had considered the Ministry of Shipping proposal on strategic disinvestment of KPL. In this regard, a CCEA Note incorporating the recommendation of CGD has been initiated. (ii) NPCC Ltd.: CGD in its meeting was held on 23.1.2019 approved the draft Share Purchase Agreement in respect of strategic disinvestment of NPCC Ltd. (iii) HFL: CGD in its meeting was held on 23.1.2019 in respect of strategic disinvestment of HFL, recommended the closure of HFL. (iv) Dredging Corporation of India Ltd. (DCIL): AM has approved Share Purchase Agreement for strategic disinvestment of DCIL. (v) Air India and its five subsidiaries and one Joint Venture: IMG meeting was held on 31.1.2019 in Ministry of Civil Aviation to finalize Expression of Interest/Preliminary Information Memorandum to be issued to prospective bidders. (vi) Pawan Hans Ltd. (PHL): Comments received from the short-listed bidders have examined by the Transaction Adviser and Legal Adviser. 4. Status of Initial Public Offer cases: (i) MSTC (IPO): The Inter-Ministerial Group (IMG) for engagement of Advertising Agency for MSTC IPO was held on 2.1.2019. Appointment letter has been sent to the Advertising Agency. Further, the High Level Committee and AM meetings for this transaction were held on 29.1.2019. The AM considered the recommendations of High Level Committee and approved percentage of disinvestment and other offer related matters for this transaction. 5. Status of Merger & Acquisition: The following progress took place in respect of Merger & Acquisition: (i) M/s RBSA has been appointed as the Asset Valuer. 6. Status of Offer for Sale cases: (i) Bharat Electronics Ltd. (BEL): Domestic Road-show for BEL OFS was held on 16th & 17th January, 2019 in Mumbai and 24th January, 2019 in Chennai. (ii) Housing and Urban Development Corporation Ltd. (HUDCO): The road shows for HUDCO OFS was conducted during 23rd & 24th January, 2019 in Mumbai and Hong Kong on 30th & 31st January, 2019.
9 December, 2018
  1. Completed Transaction: 1. Buyback of Cochin Shipyard Ltd. (CSL): Buyback of shares offer opened for subscription on 28.11.2018 and closed on 11.12.2018. The Government has received Rs. 137.29 crore approximately from this buyback.
  2. Transaction which are under progress: 1. Status of Buyback cases: (i) Indian Oil Corporation Ltd. (IOCL): The High Level Committee in its held on 13.12.2018 recommended buyback of shares, which was subsequently approved by Alternative Mechanism. (ii) Oil & Natural Gas Corporation Ltd. (ONGC): The Board of Directors in its meeting held on 20.12.2018, passed a resolution recommending buyback of its fully paid-up equity share. Alternative Mechanism on 20.12.2018 gave approval for participation of GoI in the buyback offer of ONGC. 2. Status of Strategic Disinvestment Cases: (i) Kamarajar Port Ltd. (KPL): Ministry of Shipping on 3.12.2018 has proposed selling of 10% equity shares of GoI in KPL to Chennai Port Trust. In this context, the Note for Core Group of Secretaries on Disinvestment (CGD) to consider the proposal of Ministry of Shipping has been submitted to Cabinet Secretariat on 6.12.2018. (ii) Projects and India Development Ltd. (PIDL): CGD meeting was held on 10.12.2018 to consider the conditional bid of Engineers India Ltd. in respect of strategic disinvestment of PIDL. (iii) National Projects Construction Corporation Ltd. (NPCCL): CGD meeting was held on 10.12.2018 to consider and approve the draft Share Purchase Agreement (SPA) in respect of strategic disinvestment of NPCCL and its merger with WAPCOS Ltd. (iv) Dredging Corporation of India Ltd. (DCIL): CGD in its meeting on 10.12.2018 had approved the draft SPA and Request for Proposal (RFP) for strategic disinvestment of DCIL and recommended the draft RFP for consideration of Alternative Mechanism (AM). AM in its meeting held on 12.12.2018 had approved draft RFP for strategic disinvestment of DCIL. 3. Status of Initial Public Offer cases: (i) MSTC (IPO): The RFP for engagement of Advertising Agency for IPO of MSTC has been floated on 03.12.2018. The Inter-Ministerial Group (IMG) for engagement of Registrar for MSTC IPO was held on 03.12.2018. Appointment Letter has been sent to the Registrar. (ii) CCEA in its meeting held on 27.12.2018 has given ‘in-principle’ approval for Initial Public Offer/ Further Public Offer of 7 CPSEs namely Telecommunication Consultants (India) Ltd. (IPO), RailTel Corporation India Ltd. (IPO), National Seed Corporation India Ltd. (IPO), Tehri Hydro Development Corporation Ltd. (IPO), Water & Power Consultancy Services (India) Ltd. (IPO), FCI Aravali Gypsu and Mineral (India) Ltd (IPO) and Kudremukh Iron Ore Company Ltd. (FPO). 4. Status of Disinvestment of SUUTI Holdings cases: (i) An IMG meeting was held on 5.12.2018 to consider the issue of utilizing services of all the six merchant bankers for a transaction for disinvestment of SUUTI holdings. 5. Status of Merger & Acquisition: The following progress took place in respect of Merger & Acquisition: (i) J Sagar Associates has been appointed as the Legal Adviser & ICICI Securities appointed as the Transaction Adviser; (ii) Appointment process of Asset Valuer is in progress. 6. Status of Offer for Sale cases: (i) General Insurance Corporation of India and New India Assurance Company Ltd. (GIC & NIACL): An IMG meeting held on 18.12.2018 for selection of Merchant Bankers/ Selling Brokers and Legal Adviser for disinvestment in respect of OFS of GIC and NIACL.
10 November, 2018
  1. The RFP for engagement of Registrar for MSTC IPO has been floated on 1.11.2018. Review meeting for MDL IPO was held on 12.11.2018 in DIPAM. In case of NEEPCO IPO, the Registrar and the Statutory Auditors have been appointed.
  2. The status on buyback of shares: (i) KIOCL buyback of shares offer opened for subscription on 22.10.2018 and closed on 2.11.2018. The Government has received Rs. 205.34 crore approximately from this buyback. (ii) The Board of OIL in its meeting on 19.11.2018 has approved the buyback of shares. The Alternative Mechanism in its meeting held on 19.11.2018 has approved the participation of the Government in the offer of buyback of OIL and the Government is likely to realize Rs. 620 crore (approx) from this buyback. (iii) The Board of NHPC has approved the buyback of shares on 14.11.2018. The Alternative Mechanism has approved the buyback which is likely to fetch Rs. 600 crore.
  3. Status of Strategic Disinvestment: (i) CCEA in its meeting held on 8.11.2018 has given ‘in-principle’ approval on the CGD recommendation on strategic disinvestment of DCIL. Note for CGD to approve SPA and RFP has been submitted to the Cabinet Secretariat on 30.11.2018. (ii) The SPA between Ministry of Health & Family Welfare on behalf of the President of India and the NBCC has been signed on 6.11.2018 in respect of the strategic disinvestment of HSCC Ltd. The Government has received Rs. 285 crore approx. from this transaction. (iii) The Alternative Mechanism in its meeting held on 30.11.2018 has approved the recommendation of the CGD to extend the bidding for strategic disinvestment of Hindustan Prefab Ltd. to private bidders.
  4. The CPSE-ETF FFO was successfully completed during 27-30th November, 2018 and the Government received Rs. 17,000 crore from this transaction and this is the biggest disinvestment transaction through the ETF.
  5. The domestic Road Show for the OFS of the NTPC was conducted on 21st and 22nd of November, 2018 in Mumbai.
  6. The Legal Adviser for the merger & acquisition in the power sector CPSEs has been appointed while the IMG has finalized the selection of Transaction Adviser.
  7. The Union Cabinet has given “in-principle” approval for sale of enemy property shares under the Custodian of Enemy Property of India on 8.11.2018. The decision will lead to monetization of enemy shares that has been lying dormant for decades since coming into force of the Enemy Property Act in 1968. DIPAM will implement this decision and proceeds will be credited under disinvestment.