The Cabinet Committee on Economic Affairs has given its not for listing eleven Central Public Sector Enterprises (CPSEs) on stock exchanges, to abide by the mandated 25 percent public shareholding in companies and open their value.
The list comprises Rail Vikas Nigam Ltd, Indian Railway Finance Corp. Ltd, IRCON International Ltd, Indian Railway Catering & Tourism Corp Ltd (IRCTC) and RITES Ltd. The move is followed by the Finance minister Arun Jaitley’s announcement in his budget speech on 1 February, that the govt intends to list railway PSEs.
The other Public Sector Enterprises cleared for listing on stock exchanges consist of three defence ministry enterprises viz. Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders Ltd, and Mishra Dhatu Nigam Ltd.
A discount of 5% has been approved by the Finance minister on the issue price of the stocks for small investors and eligible employees of 11 Central Public Sector Enterprises to ensure their wider participation. With merchant bankers to manage the sale, the government has already initiated the process of listing IRCTC, IRFC and IRCON.
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