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Government to sell 5% stake in Dredging Corp

Posted on August 20, 2015

By Swaraj Singh Dhanjal, live mint

The government on Wednesday announced it will sell 5% of its stake in Dredging Corp. of India Ltd in an offer for sale as part of its divestment programme. The offer will open on 21 August, the firm said in filing to the stock exchanges.

The government is looking to sell up to 1.4 million shares through the issue. It holds 78.56% stake in the firm. The share sale may fetch Rs.60.6 crore based on the 15-day average price of the stock at Rs.433.45.

The floor price will be announced on 20 August. SBICAP Securities Ltd and IDBI Capital Market Services Ltd are managing the offer.


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