Centre's stake sale in HUDCO opens on Tuesday
The sale of over 16.01 crore shares, or a total of 8% stake, would fetch around Rs 720 crore to the exchequer
The government’s up to 8% stake sale in HUDCO at a floor price of Rs 45 apiece would open for institutional investors on Tuesday. The sale of over 16.01 crore shares, or a total of 8% stake, would fetch around Rs 720 crore to the exchequer.
The Centre is selling over 5% stake or over 11.01 crore shares, with an option to retain over-subscription of 2.5% or over 5 crore shares, through an offer-for -sale (OFS).
“Offer for Sale of GoI equity in HUDCO opens tomorrow for Non-Retail investors. Day 2 for Retail investors. Government would divest 5.5 per cent shares with an additional 2.5 per cent as Green Shoe Option,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.
Shares of HUDCO closed at Rs 47.20 apiece, down 6.81% on the BSE.
The floor price of Rs 45 a share for the OFS is at a discount of 4.66% over Monday’s closing price.