Govt sells stake in Dredging Corporation to four ports for Rs 1050 cr

The transaction was concluded at a premium price per share of around Rs 510, vis-a-vis today's closing price of the Company of Rs 437 per share

The Union government today concluded the strategic sale of Dredging Corporation of India to a consortium of four ports Vishakapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust & Deendayal Port Trust, a move which would help it meet the Rs 80,000 crore disinvestment target set for the current fiscal. 

A share purchase agreement was signed between the Union government and the four ports today. The government held 73.47 per cent equity stake in the company.

The transaction was concluded at a premium price per share of around Rs 510, vis-a-vis today’s closing price of the Company of Rs 437 per