For a windfall, state-run Telecommunication Consultants India Limited (TCIL) is probably going to sell its remaining 15% stake in Bharti Hexacom in several tranches.
The public sector company sold 15% of its 30% stake in Sunil Mittal’s Bharti Hexacom unit in April of this year, bringing in Rs 4,275 crore for the state exchequer at a price of Rs 570 per share.
The government of Prime Minister Narendra Modi has set a goal of Rs 9,500 crore for the state-owned telecom business via the sale of its 30% interest in Bharti Hexacom.
“In order to maximise the proceeds, the government is thinking of selling out a 15% stake in Bharti Hexacom in two or more tranches. The government was able to increase its return by almost 60% over its target value of Rs 9,500 crore by choosing not to sell the entire stock at once. Value maximisation for the government will be further improved by selling the remaining ownership in several tranches, a senior Department of Telecommunications (DoT) official told ET.
With a share price of Rs 1,375, the government valued the remaining 15% stock at Rs 10,300 crore last month.
On Tuesday afternoon, however, Bharti Hexacom’s stock was trading at Rs 1,404.05 on the Bombay Stock Exchange (BSE).
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