New Delhi: The Centre on Monday announced that the offer for sale (OFS) for Government's equity in the state-run HUDCO (Housing & Urban Development Corp Ltd) will open on Tuesday, July 27. The Govt has FINALISED to sell up to 16 crore shares or around an 8 percent stake in HUDCO. The OFS will open for non-retail investors on July 27. "Government would divest 5.5 percent shares with an additional 2.5 percent as Green Shoe Option" Secretary, Department of Investment and Public Asset Management (DIPAM) tweeted Monday evening.
At the current share price of Rs 47 on the Bombay Stock Exchange , the Centre is likely to raise around Rs 750 crore from the offer for sale. The floor price for the offer has been fixed at Rs 45 per equity share, the company said in a regulatory filing.
HUDCO aims to sell up to 11,01,04,500 equity shares of the face value of Rs 10 each, representing 5.5 percent of the total paid-up equity share capital of the company. In case of oversubscription, HUDCO may use the option to additionally sell 5,00,47,500 (2.5 percent) equity shares of the company on Day 2, Wednesday, of the OFS, the filing said.
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