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Wednesday, Feb 25, 2004

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Govt fixes price band of Rs 385-400 for DCI shares

Our Bureau

New Delhi , Feb. 24

THE Government has fixed a price band ranging between Rs 385 and Rs 400 per share for sale of 56 lakh shares worth 20 per cent of the equity in the state-run Dredging Corporation of India (DCI).

Retail investors who subscribe to the issue would be offered a five per cent discount, the Disinvestment Secretary, Mr Dhirendra Singh, announced here on Tuesday, a day before the offer opens on Wednesday.

"The final offer price would be decided after the book closes on March 4," he said.

The Government is selling 20 per cent of its equity in the company through a 100 per book built issue where it currently holds close to 98 per cent stake. The public offer will remain open till March 4.

DCI is the fourth company where the Government has invited bids for sale of its equity after IPCL, CMC and IBP. But, DCI is the first case, where the Government has set a price band for the issue. In all the other three companies, the Government has fixed a floor price.

Of the 56 lakh equity shares being offered, 50 per cent have been reserved for Qualified Institutional Buyers, not less than 25 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 25 per cent of the offer would be reserved for retail individual bidders.

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