Bids sought for Pawan Hans
The Modi government on Tuesday invited bids to sell its stake in state-owned helicopter services operator Pawan Hans, its second attempt at sell-off in three years. The earlier attempt in 2018 did not find any suitors.
The Department of Investment and Public Asset Management (Dipam) on Tuesday issued a fresh request for proposal (RFP) to invite bids for Pawan Hans. Any domestic or global player registered with Sebi can submit its bid by January 19, while shortlisted bidders will be intimated about selection by February 17.
The government and ONGC will sell their entire stake in the unlisted company.
ONGC holds a 49 per cent stake in Pawan Hans with the remaining 51 per cent being held by the Centre.
Dipam on behalf of the central government will conduct the transaction and has appointed SBI Capital Markets Limited (SBICAP) as its adviser to manage the strategic disinvestment of the company.
“The GOI has ‘in-principle’ decided to disinvest its entire equity shareholding in PHL by way of strategic disinvestment along with transfer of management control. 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 & conditions as agreed by the GOI,” the RFP said.