Today in New Delhi, India
Nov 18, 2018-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Govt plans to sell up to 25% stake in four defence companies via IPO

The government is looking to sell stakes in Mazagon Dock Ltd, Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd.

business Updated: Aug 04, 2017 10:44 IST
Reuters
Reuters
Reuters, New Delhi
Defence,department of defence,IPO
The Kalvari submarine constructed by Mazagon Dock Ltd being set afloat for trials and tests. Mazagon Dock Ltd is among four companies whose 25% stake may be sold.(HT File Photo / Representational)

The government is considering selling up to 25% of its stake in four state-owned companies under the control of the department of defence through an initial public offering, a public notice showed on Friday.

The government has invited proposals for the IPO by 3 pm on August 18. The government is looking to sell stakes in Mazagon Dock Ltd, Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd.

Prime Minister Narendra Modi’s government has been divesting its stake in several public and private companies to meet its Rs 725 billion ($11.38 billion) divestment target during the year to March 2018.

First Published: Aug 04, 2017 10:43 IST