The government will sell up to 5 per cent stake in state-run Container Corp as part of its asset sales programme. It is expected that a deal could fetch about $170 million (around Rs 1,145 crore). The government, which owns 61.8 per cent of Container Corp, is selling up to 9.75 million shares at a floor price of Rs 1,195 ($17.76) per share, according to a regulatory filing. Retail as well as Institutional investors can bid for the shares in an auction on the stock exchanges. The government last month raised about $730 million from a share sale in power producer NTPC Ltd.

About Concor

Concor will be the seventh disinvestment in the current fiscal and will help government further fill the gap to the revised disinvestment target of Rs 25,000 crore. Concor provides logistics support such as inland container depots, domestic container terminals, transportation by rail and road, warehousing, storage and other value added solutions.

Additional Info

The government has already raised over Rs 18,000 crore through stake sale in 6 PSUs — IOC, NTPC, EIL, PFC, REC and Dredging Corporation — this fiscal. In the revised estimates, the government has lowered the disinvestment target for current fiscal to Rs 25,000 crore from budgeted Rs 41,000 crore.