The Indian finance ministry’s disinvestment department has invited bids from merchant bankers to divest equity in state-owned, National Building Construction (NBC), The Wall Street Journal reports. The federal government is planning to sell up to a 10% stake in the company’s share capital through an IPO.
The Indian government is seeking to raise $8.85 billion by selling shares in some companies it owns to help cut down the country’s fiscal deficit. Some of those firms include Power Finance, PTC India Financial Services, Muthoot Finance and Future Ventures.
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