THE RESOUNDING SUCCESS of the first sale of government shares under India’s new United Progressive Alliance government last month provided a welcome boost to the coalition’s confidence in its ability to deal with international financial markets.
The $1.2 billion dollar initial public offering by National Thermal Power, India’s largest power producer, was oversubscribed more than 12 times and shares priced at the top end of the indicated range on October 14. Half of the shares on offer were from the government’s stake.
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