The Government’s 5 per cent stake sale in Dredging Corporation of India (DCI) was fully subscribed with strong demand from retail investors.
The stake sale, the third disinvestment of the current fiscal, would fetch about Rs 53.48 crore to the exchequer.
The issue got bids for 14.08 lakh shares against 14 lakh shares on offer, representing 1.01 times as on 2.25 pm. The bidding will continue till 3.30 pm.
The portion reserved for retail category was subscribed 4.68 times. However, the portion for institutional investors was under subscribed at 0.60 per cent, as per NSE data.
The government is selling up to 14 lakh shares, representing 5 per cent of stake in the company, through Offer for Sale (OFS) route.
At the floor price of Rs 382 per piece, the stake sale would fetch Rs 53.48 crore to the exchequer.
A 10 per cent of the issue size is reserved for retail investors, while 25 per cent has been reserved for mutual funds and insurance companies.
Visakhapatnam-headquartered DCI ensures the continuous availability of desired depths in shipping channels of major and minor ports, navy, fishing harbours and other maritime organisations.
The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal. It has already raised over Rs 3,000 crore through stake sale in two PSUs, PFC and REC.