New Delhi, (Asian independent) In yet another delay in the strategic disinvestment process of Pawan Hans, Centre has now extended the deadline for submission of Expression of Interest (EoI) for the company till February 18.
The original deadline for the submission of EoIs was January 19. After repeated failed attempts to disinvest public sector helicopter service provider, Pawan Hans, the Central government again initiated the process of its sale for the Mini Ratna company last month with the release of the Preliminary Information Memorandum.
“Considering the prevailing Covid-19 situation and consequent logistical challenges faced by Interested Bidders, changes are proposed in the PIM issued on December 08, 2020,” said the first corrigendum to to the global invitation for EoIs released by the Department of Investment and Public Asset Management (DIPAM).
Further, the last date for submission of physical copies for interested bidders submitting electronically has been deferred to March 5.
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.
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.
