Centre, SEBI have approved divestment of NLC shares to state PSUs: Jayalalithaa

CHENNAI: The Securities and Exchange Board of India (SEBI) and the Union government on Monday approved the Tamil Nadu government's request to divest 3.56% shares of Neyveli Lignite Corporation to the state public sector undertakings to meet the regulatory norm of 10% public holding, chief minister J Jayalalithaa said.

In a press statement, Jayalalithaa said the decision to divest the shares was approved at a high-level meeting held in Mumbai, which saw a participation of secretaries of the finance department, planning and development, and joint secretary, industries. "With this, my government has prevented the divestment of NLC shares to private parties," Jayalalithaa said, adding that it was a victory of her government's continuous efforts.

Jayalalithaa said the shares, which would cost Rs 500 crore, would be purchased by Tamil Nadu Industrial Development Corporation ( TIDCO), Tamil Nadu Industrial Investment Corporation (TIIC), State Industries Promotion Corporation of Tamil Nadu (SIPCOT), Tamil Nadu Urban Finance and Infrastructure Development Corporation (TUFIDCO) and Tamil Nadu Power Finance & Infrastructure Development Corporation Ltd (Powerfin) which come within the definition of qualified institutional buyers.

"I request the workers to accept this and withdraw the strike to resume duty," the chief minister said.

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