Tuesday, 7 February 2017

India raises $995 million from stake sale in ITC

Ripples Advisory Private Limited, Indore @9303093093

India has sold a 2 percent stake in consumer goods and cigarettes maker ITC Ltd, raising about 67 billion rupees ($995 million) for the government, three sources with direct knowledge of the deal said on Tuesday. State-owned Specified Undertaking of Unit Trust of India (SUUTI), which owned 11.12 percent of ITC as of end-December, pared the stake via block deals in the market. 

Life Insurance Corp (LIC), which typically invests heavily in government divestments, bought the stake, the sources added. While LIC is fully owned by the Indian government, its financials are independent of the government's budget.

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