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

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 (USD 11.38 billion) divestment target during the year to March 2018.