The share purchase agreement (SPA) for CMC Ltd was signed today. Tata Sons (TSL) will be given four working days to announce the open offer. The shareholders agreement will be signed and management control will be transferred to the strategic partner on October 16. TSL will also pay Rs 152 crore to the government for 51 per cent stake on the 16th.
In case of Hindustan Teleprinters Ltd, the government will transfer management control to Hindustan Futuristic Communic-ations Ltd on the 12th of the month. Since there is no open offer to be made, management control will be handed over on the day the agreements are signed, said officials.
The beginning of next month should see a spate of privatisations. Eight Indian Tourism Development Corporation (ITDC) properties, five Hotel Corporation of India hotels are likely to be privatised in November.