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Hudco files draft papers with Sebi for IPO

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Dion Global

09 Jan 2017

Hudco has filed draft papers with capital markets regulator Sebi to raise funds through an initial share sale as part of the governments disinvestment drive, reported PTI.

The initial public offer will see sale of 200,190,000 equity shares --10 per cent stake -- by the central government through an offer for sale (OFS)route, as per the Draft Red Herring Prospectus (DRHP).

A discount of up to 5 per cent on the issue price for retail investors and Hudco employees would be given.

The paid up capital of Housing and Urban Development Corporation (Hudco) is Rs 2,001.90 crore as on March, 2016. Government holds 100 per cent stake in the company.

IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities will manage the companys public issue.

The proceeds from Hudco disinvestment will form part of the governments disinvestment kitty in the current fiscal.

The government has budgeted to raise Rs 56,500 crore through minority stake sale and strategic sale in PSUs. Of this, Rs 36,000 crore is to come from minority stake sale in PSUs and another Rs 20,500 crore from strategic stake sale.