The cabinet had cleared 12.5 percent stake sale for the government last week via the auction route. The prime requirement for the bidder would only be prior experience in management for offer for sale.
The government said in a statement, “The stake sale approval is part of government's decision to raise Rs 30,000 crore through disinvestment in the current fiscal. So far in 2012-13 fiscal, the government has raised over Rs 6,900 crore through minority stake sale in PSUs.”
The current price of the shares stand at Rs.55.25 per unit. This rate could bring in about Rs 360 crore for the exchequer.