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India set to raise $170 million from Container Corp stake sale
March 9, 2016 / 1:45 PM / 2 years ago

India set to raise $170 million from Container Corp stake sale

MUMBAI (Reuters) - India is set to raise about $170 million from the sale of a 5 percent stake in state-run Container Corp, with institutional investors bidding for twice the number of shares on offer for them on the first day of the sale.

The funds-only portion of the sale was subscribed 2.02 times on Wednesday, stock exchange data showed. Retail investors can bid for shares on Thursday, while funds can bid for more. bit.ly/1QDcLdZ

The Container Corp share sale is part of the Indian government’s asset sales programme.

The government last month raised about $730 million from a stake sale in state-run power producer NTPC Ltd, but is still set to miss its asset sales target for a sixth straight year.

($1 = 67.1800 rupees)

Reporting by Devidutta Tripathy; Editing by Sumeet Chatterjee

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