DREDGING CORP GETS TREMENDOUS RESPONSE: The IPO of Dredging Corporation will fetch Rs 221 crore (Rs 2.21 billion) to the government for its 20% stake in the company. The Centre fixed a cut-off price of Rs 400 per share for the issue, which was oversubscribed by a whooping 18 times. The government received bids for 6.6 crore (66 million) shares as against the issue size of 56 lakh (5.6 million) shares.
In terms of capacity, Dredging Corporation is the seventh largest dredging firm in the world. In India, the company is the undisputable leader in the dredging sector. It is expected to make full use of the government’s port development programme.
N K Gupta (inset) is the chairman and managing director of the firm.
Photo: Dredging Corporation of India Web site
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