Government to Sell up to 5% Stake in Container Corp

Government to Sell up to 5% Stake in Container Corp
Mumbai: The government will sell an up to 5 per cent stake in state-run Container Corp as part of its asset sales programme, in a deal that could fetch about $170 million (around Rs 1,145 crore).

The government, which owns 61.8 per cent of Container Corp, is selling up to 9.75 million shares starting Wednesday at a floor price of Rs 1,195 ($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 = Rs 67.3292)
© Thomson Reuters 2016
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