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Centre garners Rs 471 crore from stake sale in Paradeep Phosphates

The sale would help Centre to inch towards its Rs 65,000 crore divestment target for financial year 2022-23

Disinvestment, PSU
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Nikunj Ohri New Delhi
The Centre has garnered Rs 471.5 crore in divestment receipts through sale of its residual stake in the initial public offering (IPO) of Paradeep Phosphates.

The government has sold its residual 19.55 per cent stake in Paradeep Phosphates in its IPO. The IPO of the company comprised of fresh issue of equity shares and offer for sale by promoters and the Union Government.

The stake sale would help the Centre to inch towards its Rs 65,000 crore divestment target for financial year 2022-23. With sale of stake in Paradeep Phosphates, the government has received Rs 24,046 crore in divestment receipts.

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First Published: May 30 2022 | 7:55 PM IST

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