19 MARCH 2013Reuters
India raises $116 million from aluminium stake sale
Edited by : AL CIRCLE
1 min read
India raised $116 million by selling shares in state-run National Aluminium Co Ltd on Friday, taking the government closer to its fundraising target to reduce the budget deficit.
The single-day NALCO auction received bids for a total of 156.94 million shares, at a weighted average price of 40.05 INR, stock exchange data showed. The government's holding in the company will come down to 81 percent.
New Delhi was selling 128.86 million shares or a 5 percent stake, with an option to sell 5 percent more, at a minimum offer price of 40 INR a share.
The share sale is part of the government's divestment drive to help restrict the fiscal deficit to 5.2 percent in the year ending March 31, to avoid becoming the first of the BRIC economies to have its credit rating downgraded.
Including the NALCO issue, the government has raised nearly $4.1 billion through the sale of shares in state-owned companies so far this fiscal year.
Shares in the company, valued at about $2 billion, ended down 8.5 percent on Friday at 40.35 INR, in a weak Mumbai market index. ($1 = 54.31 INR)
The single-day NALCO auction received bids for a total of 156.94 million shares, at a weighted average price of 40.05 INR, stock exchange data showed. The government's holding in the company will come down to 81 percent.
New Delhi was selling 128.86 million shares or a 5 percent stake, with an option to sell 5 percent more, at a minimum offer price of 40 INR a share.
The share sale is part of the government's divestment drive to help restrict the fiscal deficit to 5.2 percent in the year ending March 31, to avoid becoming the first of the BRIC economies to have its credit rating downgraded.
Including the NALCO issue, the government has raised nearly $4.1 billion through the sale of shares in state-owned companies so far this fiscal year.
Shares in the company, valued at about $2 billion, ended down 8.5 percent on Friday at 40.35 INR, in a weak Mumbai market index. ($1 = 54.31 INR)
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