State-owned Oil and Natural Gas Corporation (ONGC) today announced the acquisition of Government’s entire share of 51.11 % in oil refiner HPCL for Rs 36,915 crore.
The price paid by ONGC is 14 % higher than the Friday’s closing price of HPCL and over 10 % of the 60 -day weighted average of the scrip.
In the Union Budget presented on February 1 the last year 2017, Finance Minister Mr. Arun Jaitley had set the target of disinvestment in public sector units at Rs 72,500 crore. This includes Rs 46,500 crore as disinvestment of Central Public Sector Enterprises CPSEs, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from the listing of insurance companies.
The government reduced its stake in several PSUs this year, including HUDCO, EIL, NTPC, NALCO, and OIL. Two state-owned insurance companies, GIC and New India Assurance were listed on stock exchanges this fiscal year.
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