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Posted on Nov 22, 09:46PM | UNI
The government today decided to sell 9.50 per cent shares from its 84.50 per cent equity in the state-owned thermal power major NTPC to mop up funds to cut fiscal deficit.
The decision was taken by the Cabinet Committee on Economic Affairs(CCEA) at a meeting presided over by Prime Minister Manmohan Singh at his official residence here this evening.
"The CCEA has approved disinvestment of 9.50 per cent equity of NTPC Ltd., out of its holding of 84.50 per cent through an offer for sale of shares through Stock Exchanges as per SEBI Rules and Regulations," said an official statement after the meeting.
After this disinvestment, Union government stock in the company would come down to 75 per cent.
The paid up equity capital of the company was Rs 8245.46 crore on March 31.
The government's latest projection for fiscal deficit in 2012-13 is 5.2 per cent.