India to sell 10 percent shares in state-run HUDCO | Reuters - Firstpost
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India to sell 10 percent shares in state-run HUDCO | Reuters

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NEW DELHI India will sell a 10 percent stake in state-controlled Housing & Urban Development Corporation Ltd. (HUDCO) through an initial public offering, Telecoms Minister Ravi Shankar Prasad said on Wednesday after a cabinet meeting.

The government wants to raise 565 billion rupees ($8.42 billion) from the sale of stakes in state-owned enterprises in the 2016/17 financial year. That is 19 percent lower than last year's target, which the government failed to hit.

($1 = 67.0950 Indian rupees)

(Reporting by Manoj Kumar; Editing by Douglas Busvine)

This story has not been edited by Firstpost staff and is generated by auto-feed.

First Published On : Jun 15, 2016 23:30 IST

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