The market on Monday witnessed the initial public offering (IPO) of the Government-owned Housing and Urban Development Corporation (HUDCO) in an attempt to raise funds.
The government-owned corporation is lily to raise over Rs. 1,120 crore through its IPO as part of government's efforts to meet its disinvestment target, reported the MoneyControl.
The price band has been set in the range of Rs. 56-60 per share. The issue comprises sale of 20 crore equity shares (10 percent paid-up capital) by the central government through an offer for sale (OFS).
The IPO is likely to close on May 11.
HUDCO is a wholly-owned government company which provides loans for housing and urban infrastructure projects in India.
As of September 30, the total assets under management (AUMs) are to the tune of Rs. 36,110 crore, which includes housing finance assets of Rs. 11,290 crore and urban infrastructure finances of Rs. 24,820 crore.
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