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The Centre’s 10 per cent stake sale in MOIL on Tuesday received robust response from non-retail or institutional investors and was subscribed 1.51 times.
According to data with the NSE, bids for 1.6 crore shares were received as against 1.06 crore shares on offer for non-retail investors.
Most bids came in at ₹365.26 apiece, which is slightly higher than the floor price of ₹365.
The offer-for-sale will be open to retail investors on Wednesday with 20 per cent of the offer size or 26.63 lakh shares available at a discount of 5 per cent on the floor price. At this rate, the Centre could raise close to ₹580 crore from the stake sale.
The Centre plans to raise at least ₹480 crore from the stake sale of 1.33 crore shares in MOIL, which was formerly known as Manganese Ore India.
Shares of MOIL fell 3.78 per cent on the BSE to close at ₹ 368.25 apiece. Similarly, the scrip lost 4.11 per cent on the NSE to end at ₹367 apiece.
The Centre currently holds 75.58 per cent stake in MOIL.
This is the fourth disinvestment issue by the Centre this fiscal through the OFS route and the Centre is betting on a good response from investors.
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