Govt likely to offload equity in OIL, NTPC in Jan-Feb: The government is likely to divest stake in Oil India next month, followed by NTPC in February, to achieve its Rs 30,000 crore disinvestment target. “We will come out with Oil India issue in January and in the next 3-4 weeks NTPC will hit the markets,” a government official said. The Government plans to divest 10 per cent stake in Oil India which could fetch it around Rs 2,700 crore at the prevailing market price. Besides, a 9.50 per cent stake sale in NTPC could reap for the exchequer over Rs 12,000 crore. With three months of the current fiscal remaining, the government has a mammoth task before it to achieve the Rs 30,000 crore target set in the Budget, 2012-13. (Business Standard)
Government to infuse Rs 15,000 crore capital in PSU banks by March 2013: The government would inject Rs 15,000 crore capital in state-owned banks by March 2013 with an aim to help them expand business. Overall, an enormous amount of new capital would have to be infused in banks in the next five to 10 years, Finance Minister P Chidambaram said adding, “I think we need about Rs one lakh crore as new capital”. (The Economic Times)
Government approves Rs 3,004Cr capital infusion for SBI: The government has approved fund infusion of Rs 3,004 crore in SBI during the current fiscal to boost the bank’s capital base. The Finance Ministry has recently approved allocation of Rs 12,000 crore for various public sector banks including SBI. The government has made a Budgetary provision of Rs 15,000 crore for recapitalisation of public sector banks in the current fiscal. SBI had raised over Rs 16,000 crore through a rights issue in 2008. In its rights issue, the government’s contribution was in the form of bonds instead of cash. (The Economic Times)
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