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Housing & Urban Development Corporation (HUDCO) experienced a 9% decline in share value, dropping to Rs 81.80 per share on the BSE. This drop occurred on October 18, immediately following the government’s announcement of its plan to divest a 7% stake in the company, setting the floor price at Rs 79 per share.
The Offer for Sale (OFS)
The Offer for Sale (OFS) comprises over 14.01 crore shares, equivalent to a 7% stake in HUDCO, and was set to open on this day. Retail investors are given the opportunity to place their bids for HUDCO shares on the subsequent day. The 7% share sale at Rs 79 per share is expected to generate approximately Rs 1,000 crore for the exchequer.
Divestment Details
Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), confirmed via a social media post that the government’s equity divestment includes a Green Shoe Option of 3.5%. This divestment is part of the government’s broader strategy.
Discounted Floor Price
The floor price of Rs 79 per share represents a 12% discount from the closing share price of HUDCO on the preceding trading day. On that day, HUDCO’s shares closed at Rs 89.92, registering a modest increase of 0.36% on the BSE.
Government’s Majority Stake
At the end of the September quarter, government records indicate that they hold a majority stake of 81.81% in HUDCO.
About HUDCO
HUDCO, initially named “The Housing and Urban Development Finance Corporation Private Limited,” was established on April 25, 1970, as a private limited company under the Companies Act, 1956. The company was later renamed “Housing and Urban Development Corporation Limited” and recognized as a public financial institution under Section 4A of the Companies Act, 1956, on December 9, 1996, by the Department of Company Affairs, Ministry of Finance, Govt of India. Furthermore, the National Housing Bank (NHB) granted HUDCO a certificate of registration on July 31, 2001, allowing them to engage in housing finance operations.
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