India looking to sell up to 25 percent stake in four defence companies via IPO

MUMBAI (Reuters) – The government of India is considering selling up to 25 percent of its stake in four state-owned companies under the control of the department of defence through an initial public offering, a public notice showed on Friday.

The government has invited proposals for the IPO by 3 p.m. (0930 GMT) on Aug. 18. The government is looking to sell stakes in Mazagon Dock Ltd, Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd.

Prime Minister Narendra Modi’s government has been divesting its stake in several public and private companies to meet its 725 billion rupees ($ 11.38 billion) divestment target during the year to March 2018.