The Government is looking forward to retaining at least 52 per cent stake in Videsh Sanchar Nigam Ltd (VSNL) even after the proposed disinvestment and buyback issues which together are expected to mobilise around ₹1,500 crores, Government sources said. The buyback offer, capped at seven million shares, will be done through book building and priced at a level between the prevailing domestic and GDR quotes. In addition to the buyback, the Government also proposes to divest 11 million of its shares in VSNL through a GDR-cum-domestic offering.
No panic situation, says Yashwant Sinha
The Finance Minister, Mr. Yashwant Sinha, today asserted that the economy did not face a "panic situation" even though there were certain areas of concern. "We have a few problems but it does not mean a panic situation," he said adding "an impression is being created that the country is heading for crisis but the financial health of the country is not precarious." The economy was slowing down because of the global recession coupled with "deepening and broadening" of the East Asian currency crisis, he said in an interview to Doordarshan.
Govt mulls dual citizenship for NRIs
The Government is considering the proposal to grant dual citizenship to non-resident Indians (NRIs), according to the Urban Affairs Minister, Mr. Ram Jethmalani. "I will see to it that it becomes a reality in the near future," he said, while addressing the 18th International Congress of NRIs, organised by the NRI Welfare Society. Assuring them that they may not have to wait too long, Mr. Jethmalani said that a system of identity cards would be brought into effect whereby NRIs would be given person of Indian origin (PIO) cards.He also invited them to invest in housing for economically weaker sections, for which the Government has announced several incentives.