India to sell up to 5 pct stake in state-run Container Corp | Reuters - Firstpost
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India to sell up to 5 pct stake in state-run Container Corp | Reuters

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MUMBAI India will sell an up to 5 percent stake in state-run Container Corp as part of the government's asset sales programme, in a deal that could fetch about $170 million.

The government, which owns 61.8 percent of Container Corp, is selling up to 9.75 million shares starting Wednesday at a floor price of 1,195 rupees ($17.76) per share, according to a regulatory filing.

Institutional investors can bid for the shares on Wednesday and Thursday in an auction on the stock exchanges, while retail investors can place bids on Thursday.

The government last month raised about $730 million from a share sale in power producer NTPC Ltd. ($1 = 67.3292 rupees)

(Reporting by Devidutta Tripathy; Editing by Anand Basu)

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

First Published On : Mar 8, 2016 23:45 IST

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