Modi government again tries to sell Pawan Hans, invites EoIs

NEW DELHI: After repeated failed attempts to disinvest public sector helicopter service provider, Pawan Hans, the Narendra Modi (Central) government has again initiated the process of its sale and has sought expressions of interest (EoI) for the Mini Ratna company.

The company’s authorised capital as on March 31, 2020 was Rs 560 crore and paid-up share capital was Rs 557.48 crore.

Around 2,84,316 equity shares are held by the President of India, through Ministry of Civil Aviation, aggregating to 51 per cent of the total paid-up share capital, and 2,73,166 equity shares are held by ONGC, aggregating to 49 per cent of the total paid-up share capital.

The government has ‘in-principle’ decided to disinvest its entire equity shareholding in PHL by way of strategic disinvestment to investors along with transfer of management control.

Department of Investment & Public Asset Management (DIPAM), on behalf of the government, will conduct the transaction and has appointed SBI Capital Markets Ltd (SBICAP) as its advisor to advise and manage the strategic disinvestment of PHL.

ONGC has also decided to offer its entire shareholding of 49 per cent in PHL to the successful bidder at the same discovered price per share and on same terms and conditions as agreed by the government, except for the rights available exclusively to the government.

The successful bidder, as identified by the government, will have the option to buy entire ONGC stake of 49 per cent in PHL on similar price and terms.

The EoIs have to be submitted by January 19, 2021 and the intimation of the shortlisted bidders will be done on February 17, 2021.

Source: IANS