INDORE, India -
March 22, 2017 -
PRLog -- The Housing & Urban Development Corporation Limited (HUDCO) has received capital markets regulator SEBI's approval to raise funds through an initial Public Offering (IPO) as part of the government's disinvestment drive. Hudco had filed draft papers to SEBI in January 2017 and got the regulator's observation on March 10, which is mandatory for any company to launch IPO.
The public offer will comprise sale of 20,01,90,000 equity shares (10% stake) by the central government through an offer for sale (OFS) route, as per the Draft Red Herring Prospectus. A discount of up to 5% on the price of issue would be provided to retail investors and employees of Hudco.
The paid-up capital of Hudco is Rs. 2,001.90 crore as on March, 2016. The IPO will be managed by IDBI Capital, Nomura Financial Advisory & Securities, SBI Capital Markets & ICICI Securities.
The government anticipates to raise Rs. 56,500 crore through minority stake sale and strategic sale in PSUs this financial year, out of which Rs. 36,000 crore is to derive from minority stake sale in public sector undertakings and another Rs. 20,500 crore from strategic stake sale.
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