Centre is set to raise about $8 million from a share sale in state-run Dredging Corp of India Ltd, with bids totalling more than twice the number of shares on offer.
The sale was part of the government’s plan to raise money by reducing its holding in state-owned companies to help plug its budget deficit. New Delhi aims to raise as much as $11 billion during the current fiscal year to March from such sales.
The sale of 1.4 million shares, or a 5 percent stake, in Dredging Corp was subscribed 2.66 times, according to stock exchange data.
The government will sell $1.5 billion of stock in top state-run refiner Indian Oil Corp Ltd on Monday.
($1 = 65.9499 Indian rupees)