The sale is part of a target to raise as much as USD 11 billion from divestment
July 27, 2015
The Govt. is set to raise about USD 260 million from a sale of 5 percent stake in Power Finance Corp Ltd., after the share auction received bids for more than twice the number on offer. New Delhi was selling about 66 million shares in Power Finance as part of a target to raise as much as USD 11 billion from divestment of its stakes in state-run companies this fiscal year.
The sale was subscribed more than 2.3 times, according to stock exchange data. At the indicative price of 254.30 rupees per share, the sale would fetch the government 16.78 billion rupees (USD 261.24 million). Retail investors will get a 5 percent discount to the cut-off price.
Aradhana Johri, secretary at the government’s disinvestment department, told reporters they had received bids worth 37.47 billion rupees for the sale. She said the actual revenue the government will raise from the sale was still being calculated.
