MUMBAI (Reuters) - The Indian government has set the base price for the offering of shares in state-run Power Finance Corp Ltd at 254 rupees a share, the company said on Saturday, a discount of 2.1 percent from Friday's close.
The share auction will be conducted on Monday to sell the federal government's 5 percent stake in the company.
The Power Finance share offering is part of the government's budget target to raise as much as $11 billion from the divestment of its stakes in state-run companies. The government has missed its divestment target for each of the past five years.
(Reporting by Rajendra Jadhav; Editing by Paul Tait)
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