It was reported on Friday that the Indian government was able to raise $116million as proceeds of the sale of their shares with National Aluminium Co Ltd (NALCO). It sold its five percent shares or 126.86 million shares of stocks. They still have the choice to sell another 5% more with an initial lowest price of 40 rupees per share. Total holdings of the government with NALCO went down to 81% after the sale.
The liquidation of their shares in NALCO is part of New Delhi's reduction of asset scheme to facilitate the limit of their monetary losses to 5.2 percent in the year ending March 31. The scheme saved them from being the first of the BRIC economies to have its credit rating demoted. India was able to earn $4.1 billion from the liquidation of their shares with state-owned companies for 2013 and this includes the sale of NALCO shares.
This month, India will sell their 10.82% share with Steel Authority of India Ltd, estimated to raise $550 million. The steel sale will bring India near to its divestiture goal of $4.4 billion for the year.
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