HUDCO shares plunge 9% on government stake sale

New Delhi: Housing & Urban Development Corporation (HUDCO) shares experienced a decline of 9% to Rs 81.80 per share on the BSE in the opening deals today. The Indian government has announced its plan to divest up to a 7% stake in HUDCO through an offer for sale (OFS) at a floor price of Rs 79 per share.

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The OFS will be open for non-retail investors tomorrow, while retail investors can bid on Thursday. The 7% share sale in HUDCO at Rs 79 per share could generate around Rs 1,000 crore for the exchequer. The government currently holds an 81.81% stake in HUDCO

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"Offer for Sale in HUDCO opens tomorrow for non-retail investors. Retail investors can bid on Thursday. The government will divest 7 per cent equity, including a Green Shoe Option of 3.5 per cent," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a post on social media platform X.

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