The finance ministry is working on a road map to divest stake in seven big state-run companies, which include Coal India, SAIL, MMTC, NMDC, NHPC and Nalco.
The government holds 80 per cent or more stakes in these companies. The Securities & Exchange Board of India (SEBI) has proposed to bring public float in state-run firms at 75 per cent, equal to that of private companies. The finance ministry is of the view that SEBI will give at least two to three years to meet the norms and it can accordingly work out a road map so that there is no glut of PSU stocks in the market.
The government, which is expected to retain the disinvestment target through stake sale in PSUs at Rs 36,000 crore, will kickstart with bigger issues such as Coal India and SAIL. A 10 per cent stake sale in Coal India alone will fetch the government around Rs 22,000 crore at current market prices.