NEW DELHI: The union cabinet on Tuesday approved a plan to sell 5 per cent of the government's stake in power gear maker Bharat Heavy Electricals (BHEL), the government said in a statement.
The government will sell 5 per cent of its 67.7 per cent holding in BHEL through a follow-on public share offering. At current prices, the stake is valued at about $940 million.
The stake sale is part of the government's plan to raise 400 billion rupees ($8.7 billion) through stake sales in state-run firms in the current fiscal year to March 2012.
BHEL has shortlisted Bank of America Merrill Lynch, Morgan Stanley and two Indian banks to manage the share sale, sources with knowledge of the situation told Reuters last month.
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