Housing and Urban Development Corporation (Hudco) has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO).
The initial public offer will see sale of 20.01 crore equity shares equivalent to 10% stake by the central government through an offer for sale (OFS) route. The company had filed draft prospectus with Sebi in January and the markets regulator issued final observation on the IPO papers on March 10.
The proceeds from Hudco disinvestment will form part of the government's disinvestment kitty in the current fiscal. The lead managers for the issue are Nomura Financial Advisory and Securities (India), IDBI Capital Markets & Securities, SBI Capital Markets and ICICI Securities.
