Dredging Corporation at new high

Dredging Corporation had hit a new high on Friday at Rs.723 and today too, in the morning trades, it hit a new high at Rs.752.40. In the last one month alone, it has risen over 20%.

The market is happy that the Govt is planning an outright sale of Dredging Corporation through auction, which could fetch about Rs.1,400 crore to the exchequer. The core group of secretaries has already approved and now it will be sent to the Cabinet Committee Economic Affairs (CCEA) for approval.

The Govt of India currently holds 73.47% stake in the PSU. The Govt is said to be looking at a two-stage auction process which will include shortlisting of eligible bidders and competitive financial bidding.

The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.