Centre mulls divesting stake in ITC to meet selloff target
Synopsis
Discussions have started on selling stakes in ITC, said government officials aware of the development. All options including bulk sales on the stock market and strategic divestment to domestic investors are under consideration.
The government is considering the disinvestment of its holding in ITC Ltd as it looks to meet the ambitious disinvestment target for the year. At Monday’s closing price of ₹207.8 a share, the government’s 7.93% stake in the cigarettes and consumer goods to hotels conglomerate is worth ₹20,250 crore. The government holds the stake in ITC through the Special Undertaking of the Unit Trust of India (SUUTI).Discussions have started on selling stakes
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