Currently the Government of India holds 74.38 percent stake in Dredging Corporation.Dredging Corporation share price hit 20 percent upper circuit at Rs 669.95 on Wednesday after sources told CNBC-TV18 that the Cabinet has approved divesting entire stake in the company.
At 13:40 hours IST, there were pending buy orders of 1,23,364 shares, with no sellers available on the BSE.
The share price of state-run company shot up 74 percent in current calendar year.Currently the Government of India holds 73.47 percent stake in Dredging Corporation.The entire stake sale in Dredging Corporation could be a part of governments divestment programme for the financial year and also could help the government meet its fiscal deficit target of 3.2 percent of GDP for the year 2017-18.The government targets to raise Rs 72,500 crore through disinvestment during the year.