New Delhi: After selling a small portion of the Government’s holding in the Indian Oil Corporation Limited- IOCL to its employees who are serving in the public sector oil retailer, the Government has now raised 237 crore of rupees fund.
The Finance Ministry, which revealing this in its statements, stated that “employees applied for 53.17 per cents of the 1,21,39,762 shares offered for allotment.” And it later disclosed that nearly forty per cents of the employees participated in the said employee offer of Indian Oil Corporation Limited from second day of May to tenth day of the said month. However, notably the Employee Offer of Indian Oil Corporation Limited was under- subscribed.
While praising its action, the Finance Ministry found stated that this was the ‘highest ever employee participation’ in the process of disinvestment of any company post offer for sale.
Again notably, the Government in its earlier action, in the year 2015 (August 24) had sold out about ten per cents of the stake holding by the Government in the Indian Oil Corporation Limited, through the OFS for raising about 9,369 crores of rupees.
Also, as the DIPAM- Department of Investment and Public Asset Management is having a pipeline of over Twenty Public Sector Undertakings in which it would sell minority stakes for raising thirty- six thousands of crores of rupees in the current fiscal. Moreover, it can also raise another 20,500 crores of rupees from the strategic stake sales in Public Sector Undertakings.
It was also seen in the month of April, this year when the Government initiated with the disinvestment programme in Financial Year, 2017 with the 11.36 per cents of the stakes sale in NHPC through same OFS for raising at least a 2,700 crores of rupees.
In earlier, the Government had approved the Shares to be allotted for the eligible and willing employees of the company and this must be up to a maximum of 0.5 per cents of the paid up equity capital at a discount of 5 per cents.