The Hindu Business Line : IPCL issue oversubscribed on opening day

THE Government disinvestment process today kicked off on optimistic note with the issue of Indian Petrochemicals Corporation Ltd (IPCL) being oversubscribed on the day of opening.

According to the data available with the stock exchanges, the IPCL share issue received bids for 6.48 crore shares compared to the issue size of 5.94 crore shares.

The maximum bids (for 5.61 crore shares) were received at Rs 170, the floor price fixed by the government for selling its stake. The second highest bid (for 33.66 lakh shares) was at Rs 195 followed by bids at Rs 175 (for 28.62 lakh shares).

The stock price of IPCL ended firm on the stock exchanges. It closed at Rs 196.30, up 0.69 per cent on BSE. According to investment banking sources, most of the bids received today were from institutional investors.

More Stories on : Disinvestment | Public Offer | Petrochemicals

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