Govt to invite bids for 100 pct stake sale in Pawan Hans
At that time, some investors had suggested that the government and ONGC should sell their stakes together.
The government will soon invite fresh bids for 100 percent stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is ready to sell its entire stake in the company, an official said.
Helicopter services provider Pawan Hans is a joint venture between the government, which holds 51 percent stake, and state-owned ONGC, which owns the remaining 49 percent shareholding. Pawan Hans has a fleet of 46 choppers.
On April 13, the government had issued the information memorandum for the 51 percent strategic stake sale in Pawan Hans and had sought Expression of Interest (EoI) from interested bidders by June 18. About half a dozen bidders are believed to have submitted bids.
"An addendum would be issued to the EoI (Expression of Interest) document issued on April 13. The addendum would state that ONGC has expressed its interest in selling its 49 percent holding and fresh bids can be put in for the entire 100 percent stake," the official told PTI.
According to the official, the existing bids for the government's 51 percent stake would stay. "We want to give other investors a chance in case they want to bid for entire 100 percent stake," the official added.
SBI Capital Markets is the transaction advisor for strategic disinvestment of Pawan Hans.
"Potential investors had then suggested that ONGC's 49 percent stake too should be sold along with government's 51 percent. They feared that ONGC holding 49 percent could mean government interference in some way," the official said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)