Disinvestment policy without transferring management control
The Government is planning to decrease shareholding in Defence Public Sector Undertakings (DPSUs) namely, BEML Ltd., Garden Reach Shipbuilders & Engineers Limited (GRSE) and Mishra Dhatu Nigam Limited (MIDHANI), the Rajya Sabha was told on 15 Mar 2021.
The completion of a transaction depends on market conditions. Therefore, it is not possible to predict a timeline, Minister of State for Defence, Shripad Naik, said in a
written reply to the house.
Details of PSUs making defence-related equipment in which Government has already decreased its shareholding and funds collected by decrease in shareholding through each one of the PSUs in last five year.
Funds collected (in Rs. Crore) by decrease in shareholding by various modes (ETF/IPO/OFS/Buyback-BB) and combinations thereof in last five years in the following Defence PSUs:
Bharat Electronics Limited (BEL) Rs.8,073.29 crore,
Bharat Dynamics Limited (BDL) Rs.2,371.19 crore,
Hindustan Aeronautics Limited (HAL) Rs.14,184.70 crore,
Mishra Dhatu Nigam Limited (MIDHANI) Rs.434.14 crore,
Garden Reach Shipbuilders & Engineers Ltd. (GRSE) Rs.420.52 crore,
Mazagon Dock Shipbuilders Limited (MDL) Rs.974.15 crore.
Policy of disinvestment of minority stake without transfer of management control is being followed for priority sector including defence to unlock value, promote public ownership, to meet the minimum public shareholding norms of SEBI and for ensuring higher degree of accountability, said Naik. #investment #banks #manufacturing #exports /fiinews.com
