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Wednesday, 31 May 2023
Centre To Sell Up To 3% Stake In Coal India, Floor Price Rs 225 Per share
The government will offload up to 3 per cent stake in Coal India Ltd through the offer for sale route starting on Thursday and the disinvestment will fetch at least Rs 4,158 crore for the exchequer.
This will be the first stake sale in a public sector undertaking by the government in the current financial year.
The floor price has been fixed at Rs 225 per share for the two-day Offer for Sale (OFS).
"Offer for sale in CIL opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 3% equity including a Green Shoe option of 1.5 per cent," Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said in a tweet on Wednesday.
In a stock exchange filing, the PSU behemoth said government will offload 9.24 crore shares amounting to a stake of 1.5 per cent in the company at a floor price of Rs 225 a share. Besides, there will be a green shoe option for selling an equal amount of stake in case of over subscription.
At the floor price of Rs 225, which is at a 6.7 per cent discount over the closing price of Coal India on BSE on Wednesday, the sale would fetch about Rs 4,158 crore.
Shares of CIL closed at Rs 241.20, down 1.29 per cent over previous close on the BSE.
Currently, the government holds 66.13 per cent stake in Coal India.
For the current fiscal, the government has set a disinvestment target of Rs 51,000 crore.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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Rs 1,70,000 Crore Collected In Revenue For April 2023: Centre
The Centre on Wednesday said it received Rs 1,70,501 crore in revenue for April 2023, comprising Rs 1,58,901 crore in taxes, Rs 10,958 crore of non-tax income and Rs 642 crore of non-debt capital receipts.
According to the statement from the Ministry of finance, non-debt capital receipts consisted of the recovery of loans of Rs 592 crore and miscellaneous capital receipts of Rs 9 crore.
The ministry said an amount of Rs 59,140 crore has been transferred to state governments as devolution of share of taxes by the Centre up to this period which is Rs 11,548 crore higher than the previous year.
Non-tax revenue is the recurring income earned by the government from sources other than taxes. Non-debt-creating capital receipts refer to those receipts of the government which lead to a decrease in assets, and not an increase in liabilities.
The statement said the total expenditure incurred by the government of India was Rs 3,04,096 crore which was 6.8 per cent of corresponding Budget Estimates (BE) 2023-24, out of which Rs 2,25,639 crore is on revenue account and Rs 78,457 crore is on capital account.
Of the total revenue expenditure, Rs 47,929 crore is on account of interest payments and Rs 25,161 crore is on account of major subsidies, the finance ministry said on Wednesday.
As for February 2023, the government of India received Rs 20,39,728 crore, comprising Rs 17,32,193-crore tax revenue, which is net to the Centre, Rs 2,48,635 crore of non-tax revenue and Rs 58,900 crore of non-debt capital receipts.
According to the statement released for February, the total expenditure incurred by the government is Rs 34,93,590 crore which is 83.4 per cent of the corresponding Revised Estimates 2022-23, out of which Rs 29,03,363 crore is on revenue account and Rs 5,90,227 crore is on capital account. Out of the total revenue expenditure, Rs 7,98,957 crore is on account of interest payments and Rs 4,59,547 crore is on account of major subsidies.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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