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Government to raise funds through disinvestment
11 November 2010: The Union Government is working towards its target to achieve Rs 40,000 crore disinvestment by March 2011.
The government is likely to disinvest Manganese Ore India, Hindustan Copper and Shipping Corporation of India by December 2010. The government has already achieved disinvestment of more than Rs 17,000 crore this fiscal, follow-on offer (FPO) of PGCIL, in which the government is diluting 10 per cent stake holding and is expected to fetch Rs 4,000 crore.
The government is divesting 10 per cent of its 86.36 per cent stake and the company would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per share.
Source: Times of India