Disinvestment target for FY 2024 feasible but challenging

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- Market Watch on FY24 Bank, Shipping Corporation and BEML Privatization

A disinvestment target for Kharu24 is feasible but may be challenging due to market uncertainty. LIC investors are worried about investments in Adani Group companies. This says nothing about systemic risk as these issues are looked at by the regulator. There are limits to their (LIC and banks) huge investments. LIC and the banks have clarified that they have no major investment in the Adani group. LIC invests in companies that are eligible under IRDA rules. LIC invests heavily in government bonds and only marginally in stocks. His portfolio is also diversified in stocks. Hence short term movement of any single stock will not have much impact on LIC. However, LICs and regulators should monitor changes in the value of their investments.

This is a realistic target but will be challenging to achieve due to market uncertainty. Our target is Rs. 1.05 lakh crore out of which Rs. 65,000 crore disinvestment and Rs. 40,000 crore dividend was involved. Our revised estimate is Rs. 93,000 crore out of which Rs. 50,000 crore disinvestment and Rs. 43,000 crore dividend included. So far we have collected a total of Rs. 68,000 crores have been collected. The budget estimate for FY 2024 is Rs 94,000 crore. Its target through disinvestment is Rs. 51,000 crore and through dividend Rs. 43,000 crores to be collected. The government is going to sell minority stake through initial public offering, offer for sale, buyback and strategic investment. Along with this, there will also be an eye on completing the process of privatization of IDBI Bank, Shipping Corporation of India and BEML.

Privatization includes scope, market availability, minority shareholders and process. So this process takes a lot of time. Everything rarely happens on time. We have started the internal process through awareness among people. We need to be aware of all these things. People are being told that disinvestment will actually help grow businesses and protect people's jobs. The contradiction in what is being attempted with privatization is stark. The company itself has a lot of work to do. There is a lot of resistance, reluctance and apprehension about this process. Protests are visible as companies want to remain in government. A lot of cooperation is required from companies. Thus there are both external and internal factors.

The RBI has said in a recent circular that those who want to buy more than 5 percent stake in the bank will have to take prior approval. Will this issue affect the disinvestment of IDBI Bank? These are listed companies. So in case of a bank, if you hold more than a certain percentage, the approval of Reserve Bank of India has to be taken first. IDBI is a special case where RBI is involved in the entire process. So he will do what he thinks is right and it will eventually need to be refined.


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