NEW DELHI: In a move aimed at facilitating the disinvestment process, the Cabinet Committee on Economic Affairs on Wednesday approved the appointment of merchant bankers and other intermediaries to disinvestment transactions involving offer for sale or fresh issue by a company.
\"The approval will help planning and timing of public offerings in a manner that they are spread out evenly and avoid bunching as far as possible so as to ensure better response from investors, including retail,\" the government said in a statement.
The government has targeted revenue of Rs 40,000 crore from disinvestment in public sector undertakings in fiscal 2010-11.
The appointment of merchant bankers and other intermediaries will now be taken up simultaneously with the process of seeking CCEA approval as soon as the minister-in-charge has approved the case. It is expected that the time saved will be optimally utilised in preparing for the actual transaction and in facilitating the disinvestment process.
News From: http://www.7StarNews.com
Wednesday, May 26, 2010
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