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HUDCO Sets Price Range For Up To $191 Million IPO

Housing and Urban Development Corp Ltd on Thursday set the price range for its initial public offering, the first by a state-run company in five years, to raise up to Rs 1,220 crore

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Housing and Urban Development Corp Ltd (HUDCO) on Thursday set the price range for its initial public offering (IPO), the first by a state-run company in five years, to raise up to Rs 1,220 crore ($191 million).

The Indian government, which fully owns the housing and urban infrastructure projects lender, plans to sell about 204.1 million shares, or just over a tenth of its stake, in a range of Rs 56-60 per share, the company said in a statement.

The company will not get any proceeds from the offering, which opens on 8 May and closes on 11 May.

The IPO marks the first by a state-run company since NBCC (India) Ltd’s listing in 2012, and comes at a time when India’s finance ministry aims to raise a total Rs.725 crore in the year to March 2018 through sale of government stakes in state-run and private sector companies to help lower its deficit.

The HUDCO sale includes 200.2 million shares in offer to public, while about 3.9 million shares will be reserved for employees of the company. Retail investors and employees will be given shares at a discount of Rs 2 to the offer price.

(Reuters)


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