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)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)