After repeated failed attempts to disinvest public sector helicopter service provider, Pawan Hans, the Central government has reinitiated the process of its sale and has sought expressions of interest (EoI).
The Mini Ratna company, Pawan Hans’ authorised capital as on March 31, 2020 was Rs 560 crore and paid-up share capital was Rs 557.48 crore. Presently, it’s in the co-ownership of the Central Government and ONGC.
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.
Apparently, the central government has ‘in-principle’ decided to disinvest its entire equity shareholding in PHL through strategic disinvestment to investors along with transfer of management control.
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.
Department of Investment & Public Asset Management (DIPAM), on behalf of the government, will conduct the transaction, under the advisory of SBI Capital Markets Ltd .
The last date for the submission of Expressions of Interest (EoIs) are January 19, 2021 and the shortlisted bidders will be announced on February 17, 2021.
