Govt eyes Rs 1000 crore from HUDCO stake sale

19 Oct 2023 CW Team

The Indian government has announced its intention to divest up to 7% of its stake in Housing & Urban Development Corp (HUDCO) through an Offer for Sale (OFS), setting the floor price at Rs 79 per share. This pricing reflects an 11% discount when compared to HUDCO's closing market price.

The stake sale is projected to generate approximately Rs 1,100 crore for the government at this price point. The OFS is scheduled to commence on Wednesday, exclusively open to non-retail investors for placing their bids. Retail investors will be granted bidding access on the offer's final day, Thursday, along with other investors who submitted their bids on the opening day.

This strategic move aligns with the government's efforts to mobilize resources and divest its holdings in public-sector entities, aiming to meet fiscal goals and promote financial discipline.

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