Government to sell 10% shares in state-run HUDCO

Shares will be sold through an IPO, govt wants to raise Rs 56,500 crores from the stake sale

Government will sell a 10% stake in state-controlled Housing & Urban Development Corporation Ltd. (HUDCO) through an initial public offering, Telecom Minister Ravi Shankar Prasad said on Wednesday after a cabinet meeting.

The government wants to raise Rs 56,500 crores ($8.42 billion) from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19% lower than last year's target, which the government failed to hit.

($1 = 67.0950 Indian rupees)