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Govt. proposes to disinvest 10 pc equity in Coal India

India Blooms News Service | | Aug 14, 2014, at 09:20 pm

#Coal India Ltd # Public Sector Banks

New Delhi, Aug 14 (IBNS) The Centre is proposing to disinvest 10% of the Government of India's equity in Coal India Ltd (CIL) out of its holding of 89.65%, said Union Minister of State for Power and Coal Piyush Goyal in a written reply to a question in the Lok Sabha Thursday.

The Minister further stated that the Government has constituted the National Investment Fund on Nov 3, 2005, into which the proceeds from disinvestment of CPSEs were to be channelized.

The Government on Jan 17, 2013 and Feb 21, 2013 has approved restructuring of the NIF and decided that the disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing ‘Public Account’ under the head NIF and they would remain there until withdrawn/invested for the approved purposes. It was decided that the NIF would be utilized for the following purposes:-

(i) Subscribing to the shares being issued by the CPSEs including Public Sector Banks (PSBs) and Public Sector Insurance Companies, on rights basis so as to ensure 51% ownership of the Government in those CPSEs/PSBs/Insurance Companies, is not diluted.

(ii) Preferential allotment of shares of the CPSE to promoters as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 so that

Government shareholding does not go down below 51% in all cases where the CPSE is going to raise fresh equity to meet its capital expenditure programme.

(iii) Recapitalization of public sector banks and public sector insurance companies.

(iv) Investment by Government in RRBs/IIFCL/NABARD/Exim Bank.

(v) Equity infusion in various Metro projects.

(vi) Investment in Bhartiya Nabhikiya Vidyut Nigam Ltd and Uranium Corporation of India Ltd.

(vii) Investment in India Railways towards capital expenditure.

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