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India raises $186 million from NALCO share sale, kicks off FY18 asset sale process
India raised 12 billion rupees ($185.7 million) from a 9.2 percent stake sale in state-run National Aluminium Co (NALCO), the government said on Thursday, kicking off its asset sale programme for the new financial year. The finance ministry aims to raise a total 725 billion rupees through sale of government stakes in state-run and private sector companies to help lower its deficit. It raised a record 462.47 billion rupees last financial year from asset sales. The NALCO share sale was oversubscribed 1.43 times, with strong participation from both institutions and retail investors, according to a government statement. After the sale, government holding in NALCO has come down to 65.37 percent, it said.