India plans to sell 5% stake in Container Corp

The government is planning to sell a 5% stake in state-run Container Corp , a notice seeking interest from investment banks to manage the sale worth about $200 million at current market price showed.

The government, which owns 61.8% of Container Corp, will sell the stake through a stock market auction, the notice said.

Investment banks need to submit their interest by Dec. 2, the notice, posted on the website of the divestment department of the government, showed on Tuesday.

Nearly three quarters into the FY16 fiscal, the Indian government is still woefully short of its disinvestment target for the full financial year that ends in March next year.