Comments
The 10 per cent stake sale in MOIL received a hearty response from retail investors on Wednesday and the portion of shares reserved for them was subscribed 5.36 times.
In all, the two-day stake sale that had on offer 1.33 crore shares was subscribed 6.38 times by both institutional and retail investors.
As against 26.63 lakh shares on offer to retail investors, bids for 1.42 lakh shares were put in, according to the BSE. Meanwhile, non-retail investors also put in bids for 27.78 lakh shares.
Govt to raise ₹480 cr This will ensure that the Centre raises its targeted ₹480 crore from the disinvestment in the public sector unit.
The Centre’s total proceeds from disinvestment will rise to around ₹30,500 crore as against the target of ₹56,500 crore. It had raised about ₹30,000 crore through minority share sale by way of OFS, share buyback and the exchange-traded funds of public sector units this fiscal.
Retail investors, for whom 20 per cent of the shares were reserved, also got a discount of 5 per cent on the floor price.
On Tuesday, institutional investors had also put in large bids for the shares on offer and the shares reserved for them were subscribed 1.51 times.
The Centre had set a floor price of ₹365 a piece for the share sale.
On Wednesday, the MOIL scrip gained 1.1 per cent to close the day at ₹372.30 apiece, on the BSE.
Post-divestment, the Centre’s stake in MOIL, which was formerly known as Manganese Ore India, will come down to 65.58 per cent.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.