Government to dispose remaining stake in BALCO

New Delhi, May 4: The Government in principal has decided to dispose of its remaining 49 per cent equity stake in Bharat Aluminium Company Limited (BALCO).

According to sources from the Ministry of Mines, the government has appointed State Bank of India (SBI) Capitl Markets Ltd as independent valuer in December last to determine the fair value of the relevant shares.

The sources added that the SBI Capital Market has already submitted its valuation report in the last week of January this year.

BALCO paid a dividend of Rs 5.4053 crores to the government for the year 2003-04.

To ensure the highest valuation for the national exchequer, valuation of shares has been initiated in accrodance with the provisins of the shareholders agreement and as per the prescribed procedures.

The shares are to be sold at a price which is higher than their fair value and unit sale price, the sources said.

UNI