India to kick off FY2016 divestment with REC's up to $250 mln stake sale

April 7, 2015 12:39 PM

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MUMBAI, April 7 (Reuters) - The Indian government has set the floor price for an up to $250 million share sale in state-run Rural Electrification Corp Ltd at 315 rupees apiece, kicking off its stake divestment programme for the fiscal year that started on April 1.

The government, which owns 65.6 percent in REC, will sell on Wednesday a 5 percent stake through an auction to portfolio and retail investors on the stock exchanges, according to a government notice.

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