NEW DELHI: The government's FY19
proceeds have reached Rs 57,523.32 crore following its decision to sell its entire stake in the
(DCI) to a consortium of four state-owned ports for Rs 1,050 crore.
The government sold 73.44 per cent holding in the company at Rs 510 a share -- a premium of 17 per cent over Friday's close -- to
Trust, Paradeep Port Trust,
Jawaharlal Nehru Port
Deendayal Port Trust
The share sale will fetch the government Rs 1,050 crore, said RBSA Advisors, the adviser for the deal.
The government has a stiff target of Rs 80,000 crore from sell-offs for this year.
The market regulator Securities and Exchange Board of India had exempted the deal from a mandatory open offer, said the adviser.
The decision came handy for the government to sell its entire stake in DCI. The move has also helped avert a political backlash in the forthcoming polls if the firm would have been privatised.