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India raises $186m from Nalco share sale, kicks off FY18 asset sale process

20th April 2017

By: Reuters

  

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India raised 12-billion rupees ($185.7-million) from a 9.2% stake sale in state-run National Aluminium Co (Nalco), the government said on Thursday, kicking off its asset sale programme for the new financial year.

The finance ministry aims to raise a total 725-billion rupees through sale of government stakes in state-run and private sector companies to help lower its deficit.

It raised a record 462.47-billion rupees last financial year from asset sales.

The Nalco share sale was oversubscribed 1.43 times, with strong participation from both institutions and retail investors, according to a government statement.

After the sale, government holding in Nalco has come down to 65.37%, it said.

Edited by Reuters

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