Stake sale in Punjab Comm expected by Mar 10

Punjab expects to complete divestment of telecommunications equipment and software services firm Punjab Communications by March 10, a government official said on Thursday.

The state had invited preliminary bids for its 69.79 per cent stake in the firm in August last year.

It was due to invite financial bids on Friday, but a final decision on that date will be taken only on Thursday afternoon, Vini Mahajan, divestment director in the Punjab government told Reuters.

"There may be a slight delay in inviting financial bids to enable officials who are busy with elections in Himachal Pradesh to attend the meeting," she said.

"But the process will be completed by 10th March."

Shares of Punjab Communications were up 3.7 per cent at 79.15 rupees in morning deals at the Bombay Stock Exchange, whose main index was flat. The shares have gained over 48 per cent in the past one week on hopes the divestment will be completed soon.