Three PSUs likely to file draft red herring prospectus

The government aims to raise about Rs 3,800 crore

GN Bureau | December 15, 2016


#PSU   #Cochin Shipyard   #Hudco   #Hindustan Aeronautics   #IPO   #red herring prospectus  

 Cochin Shipyard, Hudco and Hindustan Aeronautics are likely to file draft red herring prospectus within a week with market regulator Sebi for their initial public offering (IPOs).

 
The government aims to raise about Rs 3,800 crore, Financial Express on Thursday quoted an official as saying.
 
The Centre could raise about Rs 350 crore via 10 percent stake sale in the ship building and maintenance firm’s IPO, the first PSU to be listed after a gap of more than three years, in the March quarter of FY17. It will be followed by listing of the Housing and Urban Development Corporation (Hudco).
 
The Centre plans to sell 10 percent in Hudco to raise nearly Rs 1,500 crore by diluting 10 percent.
 
The 10 percent government stake sale via IPO of military plane maker Hindustan Aeronautics (HAL) to raise nearly R 2,000 crore might spill over to early FY18.
 
The Centre had raised Rs 4,284 crore by selling back a portion of its stake in HAL back to the company in March, 2016. The move was aimed at improving key financial ratios such as price-to-earnings, to make it more attractive for investors.

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