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