The Centre has come out with a new formula for its disinvestment programme that will make it mandatory for all profitable central public sector enterprises to float 10% stake in favour of the public.
Besides, all unlisted units with positive networth (no accumulated losses and having net profit in the three preceding years) should get listed on the stock exchanges, according to a government release.
The sweeping changes in the divestment programme, or stake sales in Central PSUs largely targeting reduction in the fiscal deficit burden, also talks about how the proceeds will be deployed. The proceeds will be channelised into the National Investment Fund.
“The corpus comprising deposits from April 2009 till March 2012 would be available in full for investment as capital expenditure in specific social sector schemes determined by Planning Commission and Department of Expenditure,” said the release.
The Centre is looking at holding at least 51% in these enterprises.