TCIL may sell 15% stake in Bharti Hexacom in two or more tranches
TCIL) is likely to sell its remaining 15% share in Bharti Hexacom in multiple tranches for a windfall income.
«The government is considering selling out 15% share in Bharti Hexacom in two or more tranches to maximise the proceeds.Decision not to sell the complete stake in one go previously helped the government to maximise its return by more than 60% over its target value of Rs 9,500-crore. Selling the balance stake in multiple tranches will further enhance value maximization for the government,» a senior Department of Telecommunications (DoT) official told ET.
In April this year, the public sector firm sold 15% equity of the total 30% it had in Sunil Mittal-driven Bharti's unit Bharti Hexacom that fetched Rs 4,275-crore to the state exchequer at Rs 570 per share.
The Prime Minister Narendra Modi-headed government has set a target of Rs 9,500-crore for the state-owned telecommunication company from the 30% stake sale in Bharti Hexacom.
Last month, the government valued the residual 15% equity at Rs 10,300-crore, considering a share price of Rs 1,375.
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