Government to sell 10% shares in state­run HUDCO

The Cabinet approved disinvestment of 10 per cent stake in the state-owned Housing and Urban Development Corporation (HUDCO). “The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has given its approval for disinvestment of 10 per cent paid-up equity of Housing and Urban Development Corporation (HUDCO),” an official statement said. CCEA also approved allowing a price discount of up to 5 per cent on the issue price to retail investors and HUDCO employees. The actual discount to them will be approved by the Alternative Mechanism based on recommendations of a High Level Committee (HLC) of Officers, it added. According to the statement, the paid-up equity capital of HUDCO, with a net worth of Rs 7,800 crore, is Rs 2,001.90 crore as on March 31, 2015. The face value of each HUDCO share is Rs 10 at present.