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Nandal Finance to acquire Centre's 100% stake in Central Electronics
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SME Times News Bureau | 30 Nov, 2021
The Centre has decided the sale of Central Electronics (CEL) to Nandal Finance and Leasing for Rs 210 crore.
The
Cabinet Committee on Economic Affairs (CCEA) empowered Alternative
Mechanism approved the highest price bid of Nandal Finance for sale of
100 per cent equity shareholding of the government in the CPSE, under
the Department of Scientific and Industrial Research.
As per the
Ministry of Finance, under the process, Nandal Finance quoted Rs 210
crore, while JPM Industries had made a bid of Rs 190 crore.
A Reserve Price of Rs 194 crore was fixed by the Transaction Adviser and the Asset Valuer.
"The
entire disinvestment process has been carried out in a transparent
manner, with due regard to confidentiality of the bidders, through
multi-layered decision making involving Inter-Ministerial Group, Core
Group of Secretaries on Disinvestment, and the empowered Alternative
Mechanism at the apex Ministerial level," the Ministry of Finance said
in a statement.
"Transaction Adviser, Legal Adviser, Asset Valuer
as professionals in their respective fields, have supported the entire
process."
As per the ministry, the next step will be to issue the
Letter of Intent (LoI) and then sign the Share Purchase Agreement,
following which, the conditions precedent would need to be satisfied by
the "successful bidder, the company and government".
It is expected that the transaction will be completed during current FY 2021-22.
The process for disinvestment of CEL commenced in October 27, 2016 with the in principle approval of the CCEA.
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