SEBI clears HUDCO IPO
State-run Housing and Urban Development Corporation (HUDCO) has got an approval from capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through an initial public offer (IPO). The Company’s public issue is a part of the government’s disinvestment drive.
Hudco has filed draft papers with SEBI in the month of January, and got an approval on March 10. The Company’s IPO will comprise sale of 20,01,90,000 equity shares i.e. 10 per cent of government’s stake.
Hudco is offering 5 per cent discount on the issue price to retail investors and its employees. The paid-up capital of the Company was Rs 2001 crore as on March 31, 2016.
The government holds 100 per cent stake in the Company.
IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities will manage Hudco’s IPO.