Latest News | Govt Gets Rs 471 Cr from Share Sale in Paradeep Phosphates

New Delhi, May 30 (PTI) The Centre has received Rs 471.5 crore from the sale of its residual stake in Paradeep Phosphates Ltd (PPL).

"Government of India received Rs 471.5 crore as disinvestment proceeds from Paradeep Phosphates IPO through sale of GoI's residual stake," Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted.

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The IPO of fertiliser company PPL was open from May 17-19 at a price band of Rs 39-42 per share.

Through the Initial Public Offering (IPO), the government offloaded its entire 19.55 per cent stake in the company.

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So far in the current fiscal, the government has garnered Rs 24,046 crore as disinvestment proceeds. This include Rs 20,516 crore from LIC IPO, over Rs 3,000 crore from ONGC share sale and Rs 471 crore from share sale in PPL.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)