Dredging Corp slumped to 1 month low ahead of the government's sale offer

Dredging Corp of India, a PSU company, slumped to 1-month lows ahead of the government's 5 percent offer for sale slated for Friday.

The government intends to sell 14 lakh shares in Dredging Corp amounting to 5 percent of its equity capital on August 21. The government controls 78 percent stake in the company and the sale is a part of plans to meet its deficit as also to cut its stake down to below 75 percent, as per SEBI's requirements.

Meanwhile, Dredging Corp lost 18 rupees, or 4.3 percent, to 388 rupees on the National Stock Exchange. The stock hit its lowest level since July 2nd. More than 1.25 lakh shares were traded on the exchanges.

Dredging Corp has seen its market value erode 10 percent to 1,093 crore rupees in the past one year

(Image credits: indiatimes)