The bull run in the stock market will help government improve fiscal health of the country. The government is likely to exceed its target of Rs 40,000 crore revenue generation through disinvestment of its holdings in public sector companies. The government, it is learnt, has also finalized plan to divest 5% of its stake in ONGC to raise around Rs 8,000 crore. With this, the total proceeds in the current financial year through disinvestment would be over Rs 48,000 crore. With the success of Coal India IPO, the government has already raised over Rs 17,000 crore, which is highest ever in a single financial year. In 2003-05, the government had raised Rs 15,541 crore. It has completed divestment in Sutlej Jal Vidyut Nigam and Engineers India. Disinvestment secretary Sumit Mitra said that after CIL, the government will divest in Power Grid Corporation India (PGCIL) in the first week of January. Under this, the government will divest 10% of is holding, while the company will issue fresh shares, 10% of paid-up capital. A senior merchant banker said PGCIL issue can raise around Rs 8,000 crore, of which Rs 4,000 crore will go to the Centre. In December, three offers will be launched — MOIL, Shipping Corporation of India and Hindustan Copper (HCL). In MOIL, the Centre will divest 10% stake to raise around Rs 1,500 crore. In Shipping Corporation also, besides 10% selloff by government, there will be fresh issue of shares of 10% of paid up capital. The government expects to raise Rs 1,000 crore from SCI offer. In December, the divestment of HCL will be a big issue. The company is already listed with 5% float. At present, its market capitalization is Rs 40,348 crore. The government will divest 20% stake in the company. But, it is likely to be priced at discount. According to a merchant banker, the issue will be priced at around half of the current price of Rs 436 per share. A senior merchant banker said the government is likely to raise over Rs 3,000 crore.The first quarter of 2011 will witness a number of mega issues. The three blue chip companies - Indian Oil, SAIL and ONGC - will be taken up for sell off.