|Union Urban Development Minister Venkaiah Naidu during the Foundation Day celebrations|
by the central government. Hence, the company will not receive any proceeds from the offer.
The government targets to garner Rs 56,500 crore through divestment during the fiscal, including Rs 36,000 crore via minority stake sale in PSUs.
HUDCO had received approval from capital markets regulator SEBI for the IPO in March after filing draft red herring prospectus in December 2016. Retail investors and employees of the company will get equity shares at a discount of up to 5 percent to the final issue price.
Earlier, Union Minister of Urban Development, Housing & Urban Poverty Alleviation M Venkaiah Naidu, inaugurated the foundation day celebration of HUDCO at a function and addressed the august gathering to commemorate the 47th Foundation Day of HUDCO in New Delhi recently.
Venkaiah Naidu congratulated HUDCO on completing 47 glorious years of service to the nation. Highlighting the significant role of HUDCO, the Minister urged the PSU to realize the vision of “Housing for All” - “Sabka Sapna, Ghar ho Apna”. He added that HUDCO must focus on innovative financial inclusion strategies for “reaching the unreached”.
The Minister emphasized on the three mantras - ‘Reform, Perform & Transform”, which will lead us to ‘Making of Developed India’ (MODI). On the occasion, the Minister also released HUDCO publications namely, HUDCO Darpan, Shelter, HUDCO Design Awards – 2016 and Sankalp.
Dr. Nandita Chatterjee, Secretary, Ministry of Housing & Urban Poverty Alleviation congratulated HUDCO on its 47th Annual Day and said that HUDCO must continue to play a proactive role in promoting sustainable habitats and also make intensive efforts in resolving defaults.
KV Chowdhary, Chief Vigilance Commissioner also congratulated HUDCO on its foundation day and stressed the need for adopting standard operating procedures in all activities and highlighted the importance of transparency and accountability.
In his welcome address, M Ravi Kanth, CMD, HUDCO highlighted HUDCO’s achievements of the highest ever loan sanctions i.e. Rs. 31862 crore and highest ever disbursements i.e. Rs. 9095 crore. He congratulated HUDCO for getting perfect 100 score in MoU in FY 2015-16, for the first time in 47 years and mentioned that this was possible because of ‘Sensible Board, Intelligent Management and Diligent Employees’.
He stressed that HUDCO will continue to be an integral part of Government of India’s actionable programmes and policies. HUDCO as one of the Central Nodal Agencies (CAN), is channelizing the subsidy, through its Retail Finance Window i.e. HUDCO Niwas and is making sincere efforts to ‘Reach the Unreached’. HUDCO has executed 51 MoUs with various Banks and has conducted 28 regional workshops for CLSS to sensitize bank officials on Pradhan Mantri Awas Yojana (PMAY).
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