Cabinet approves disinvestment of 10% paid up equity of Housing and Urban Development Corporation Ltd. (HUDCO)
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for disinvestment of 10% paid up equity of Housing and Urban Development Corporation Ltd. (HUDCO) out of Government of India’s shareholding of 100% through Initial Public Offering (IPO) in the domestic market as per the Securities and Exchange Board of India (SEBI) Rules and Regulation.
The paid up equity capital of HUDCO is Rs.2001.90 crore and Government of India owns 100% 0f the equity at present. Net worth of the Company is approximately Rs. 7,800 Cr.
HUDCO was incorporated on 25th April 1970 as a wholly owned Government of India Enterprise under the administrative control of Ministry of Housing and Urban Poverty Alleviation with the objective of providing long term finance for construction of houses for residential purposes. It also finances and undertakes housing and urban development projects in the country.