For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Govt to sell 5% stake in Dredging Corporation on Aug 21

By Religare
|

The government will sell 5 per cent of its stake in the country's largest dredging company, Dredging Corporation of India (DCI), a move that will fetch up to Rs 57 crore to its kitty, reported PTI.

The government will sell up to 14 lakh shares of face value of Rs 10 each, representing 5 per cent of the total paid up equity share capital of the company, through Offer for Sale, DCI said in a filing to the BSE.

 

"The offer shall take place during trading hours on a separate window of the Stock Exchanges and shall commence on August 21, 2015 at 9:15 am and shall close on the same date at 3:30 pm," the filing said.

At yesterday's closing price of Rs 406.60, the stake sale will fetch up to Rs 57 crore to the government.

The filing said the allocation shall be at or above the floor price and "a minimum of 10 per cent of the size of the offer shall be reserved for retail investors subject to the receipt of valid bids. The stock exchanges will decide the quantity of shares eligible to be considered in the retail category, based on the floor price."

It added that no single bidder other than mutual funds and insurance companies shall be allocated more than 25 per cent of the offer shares.

Headquartered at Visakhapatnam, DCI helps ensure the continuous availability of the desired depths in shipping channels of the major and minor ports, navy, fishing harbours and other maritime organisations.

The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal. So far, due to volatile market conditions, it has been able to sell stakes only in two PSUs to raise over Rs 3,000 crore

Story first published: Thursday, August 20, 2015, 9:10 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more