New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the initial public offers of three power sector PSUs – Power Finance Corporation, Power Grid Corporation of India and Rural Electrification Corporation.
The CCEA, which met under the chairmanship of Prime Minister Manmohan Singh, has cleared Power Ministry's proposal for the three IPOs, Finance Minister P Chidambaram told reporters after the meeting.
The three companies would tap the stock market to issue 10 per cent fresh equity and there would be no divestment of existing Government shares.
While PFC was allowed early this to tap the market with an IPO along with sale of government equity, its plans could not materialise after the UPA regime decided to put all disinvestment cases on hold. PGCIL and REC have been given permission for the first time.
The Power Ministry wants to list all the three companies on the bourses by March next year.
Comments
0 comment