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Big Gains to Government

A study by Delhi-based PRIME Database has shown that the Government has made huge gains in some of the recent PSU IPOs.

COMPANY IPO MONTH POST IPO GOVT. HOLDING (%) POST IPO GOVT. HOLDING (No. of Shares in crores) OFFER PRICE (Rs.) VALUE OF GOVT. HOLDING ON ISSUE DATE (Rs. crore) MARKET PRICE AS ON 17.07.2019 (Rs.) VALUE OF GOVT. HOLDING AS ON 17.07.2019 (Rs. crore) GAIN/ LOSS
(Rs. crore)		 % GAIN/ LOSS
NTPC LTD. Oct-2004 89.50 737.96 62.00 45,753.73 129.35 95,455.57 49,701.84 108.63
POWER FINANCE CORP.LTD. Jan-2007 89.78 103.05 85.00 8,758.83 124.95 12,875.47 4,116.64 47
POWER GRID CORP.OF INDIA LTD. Sep-2007 86.36 363.49 52.00 18,901.49 207.50 75,424.35 56,522.86 299.04
REC LTD. Feb-2008 81.82 70.25 105.00 7,376.67 153.40 10,776.96 3,400.29 46.1
NHPC LTD. Aug-2009 86.36 1,062.34 36.00 38,244.13 23.80 25,283.62 -12,960.51 -33.89
OIL INDIA LTD. Sep-2009 78.43 18.86 1,050.00 19,802.95 170.50 3,215.62 -16,587.33 -83.76
SJVN LTD. Apr-2010 89.97 372.16 26.00 9,676.23 25.80 9,601.80 -74.43 -0.77
COAL INDIA LTD. Oct-2010 89.99 568.47 245.00 1,39,275.89 230.05 1,30,777.15 -8,498.74 -6.1
MOIL LTD. Nov-2010 80.00 13.44 375.00 5,040.00 148.95 2,001.89 -3,038.11 -60.28
PUNJAB & SIND BANK Dec-2010 82.07 18.31 120.00 2,196.67 25.80 472.28 -1,724.39 -78.5
NBCC (INDIA) LTD. Mar-2012 90.00 10.80 106.00 1,144.80 54.15 584.82 -559.98 -48.92
HOUSING & URBAN DEVELOPMENT CORP.LTD. May-2017 89.81 179.78 60.00 10,787.04 38.40 6,903.71 -3,883.33 -36
COCHIN SHIPYARD LTD. Aug-2017 75.00 10.20 432.00 4,404.31 365.90 3,730.41 -673.90 -15.3
GENERAL INSURANCE CORP.OF INDIA Oct-2017 85.78 75.25 912.00 68,628.00 225.60 16,976.40 -51,651.60 -75.26
NEW INDIA ASSURANCE CO.LTD.,THE Nov-2017 85.44 70.40 800.00 56,319.99 134.35 9,458.24 -46,861.75 -83.21
BHARAT DYNAMICS LTD. Mar-2018 87.75 16.08 428.00 6,883.49 303.75 4,885.19 -1,998.30 -29.03
HINDUSTAN AERONAUTICS LTD. Mar-2018 89.97 30.09 1,215.00 36,484.02 676.30 20,346.84 -16,137.18 -44.23
MISHRA DHATU NIGAM LTD. Mar-2018 74.00 13.86 90.00 1,247.68 120.35 1,668.43 420.75 33.72
RITES LTD. Jun-2018 87.40 17.48 185.00 3,233.80 288.35 5,040.36 1,806.56 55.86
TOTAL         4,84,159.72   4,35,479.11 -48,680.61 -10.05

(Only PSU IPOs since 2004 onwards, with a listing period of over 1 year have been considered in the study)

As can be seen, the Government has made a notional gain of over Rs. 48,680.61 crore or 10.05% in these 19 IPOs as on 17.07.2019