October 26, 2017 / 2:58 PM / 2 months ago

India's $116 million stake sale in miner NLC subscribed 2.1 times

NEW DELHI (Reuters) - The Indian government is set to raise 7.5 billion rupees ($115.7 million) from the sale of a 5 percent stake in miner NLC India Ltd, with the issue getting subscribed 2.1 times in a two-day auction on the stock exchanges.

The stake sale is part of the government’s efforts to raise a total of 725 billion rupees in the fiscal year to March 2018, by paring its holdings in state-run and some private companies to help keep the fiscal deficit at 3.2 percent of gross domestic product.

After the share sale the government’s stake in NLC, which also operates power plants, will fall to 84.3 percent, the finance ministry said in a statement on Thursday.

($1 = 64.8350 Indian rupees)

Reporting by Aditi Shah; Editing by Krishna N. Das

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