Dredging Corp sets OFS floor price at Rs 382

Govt is expected to fetch Rs 57 cr from the stake sale

The government has set a base price of Rs 382 for divesting its holding in Dredging Corporation of India.

The shares of the company fell around 4% after the government declared that it will sell 5 per cent of its stake in the country's largest dredging company via Offer for Sale (OFS).

The government will sell up to 1.4 million shares of face value of Rs 10 each, representing 5 per cent of the total paid up equity share capital of the company, which will fetch the government up to Rs 57 crore.

The OFS will take place on Friday. Shares of the company The stock closed at Rs 387.3 on Thursday.

Dredging Corporation will be this financial year's third divestment after Rural Electrification Corporation (REC) and Power Finance Corporation (PFC).

The government this year has set an ambitious target for divestment of Rs 69,500 crore, which includes Rs 41,000 crore of minority sales and rest are strategic sales.