HUDCO IPO To Launch Soon SEBI Approved It :
As told investors that HUDCO can be soon launched in market. Now as per latest update State-run Housing and Urban Development Corporation (HUDCO) has received the Securities and Exchange Board of India’s (Sebi’s) approval to raise funds through an initial share sale as part of the government’s disinvestment drive.
The initial public offer will see sale of 200,190,000 equity shares –10 per cent stake — by the central government through an offer for sale (OFS)route, as per the Draft Red Herring Prospectus (DRHP).
A discount of up to 5 per cent on the issue price for retail investors and Hudco employees would be given.
The paid up capital of Housing and Urban Development Corporation (Hudco) is Rs 2,001.90 crore as on March, 2016. Government holds 100 per cent stake in the company.
IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities will manage the company’s public issue.
The proceeds from Hudco disinvestment will form part of the government’s disinvestment kitty in the current fiscal.
Hudco had filed draft papers with Sebi in January and got the markets watchdog’s “observation” on March 10, which is necessary for any company to launch a public offer.
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Some SME IPO will also be active in market in coming week.
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