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Govt to sell 8% stak e in HUDCO to raise Rs.720-Cr

Times of India  

The government plans to raise over INR 720 crore by offloading up to 8% stake in HUDCO (Housing and Urban Development Corp) through an offer-for-sale (OFS). The government, HUDCO's main promoter, has mandated merchant bankers to sell up to 16 crore shares at a floor (minimum) price of INR 45 each. The OFS is divided into two parts. Under the base offer, about 11 crore shares (5.5%) of HUDCO, the specialised housing finance company, will be on offer. In case of oversubscription, an additional 5 crore shares (2.5%) of the company will be offered to the bidders. After the offer, the government's stake in HUDCO will fall to 81.8%. Elara Securities, IDBI Capital Markets and SBICap Securities are managing the OFS.