India to sell 5% stake in Dredging Corp
India will sell 5 per cent of its stake in the country's largest dredging company, Dredging Corporation of India (DCI).
The government will sell up to 1.4 million shares of face value of Rs 10 each, representing 5 percent of the total paid up equity share capital of the company, through Offer for Sale, DCI said in a filing to the BSE. This will bring up to Rs 57 crore ($ 9 million) to DCI kitty.
"The offer shall take place during trading hours on a separate window of the Stock Exchanges and shall commence on August 21, 2015 at 9:15 am and shall close on the same date at 3:30 pm. A minimum of 10 per cent of the size of the offer shall be reserved for retail investors subject to the receipt of valid bids. The stock exchanges will decide the quantity of shares eligible to be considered in the retail category, based on the floor price," the filing said.
The floor price will be announced on 20 August. SBICAP Securities Ltd and IDBI Capital Market Services Ltd are managing the offer.
The DCI was established in the year 1976 to provide dredging services to the Major Ports of the country in India. D C I is a pioneer organization in the field of dredging and maritime development.
Headquartered at Visakhapatnam, DCI helps ensure the continuous availability of the desired depths in shipping channels of the major and minor ports, navy, fishing harbours and other maritime organisations.