The retail investor quota of the Rs 2,600-crore offer for sale (OFS) in state-owned Steel Authority India (SAIL) garnered 2.4 times subscription on Friday.
Individual investors bid for nearly 125 million shares as against 51.6 million on offer. A day earlier, the institutional investor portion too had garnered more than two times subscription.
Shares of SAIL closed at Rs 70.2 with a gain of 4.4 per cent. The government had set the base price for the OFS at Rs 64 per share. However, most bids came at Rs 66 per share, data provided by stock exchanges showed.
Following the share sale, the government’s stake in SAIL will decline by 10 percentage points from the current level of 75 per cent. The share sale was part of the 2020-21 disinvestment programme, where the centre is targeting to mop up over Rs 2 trillion.
After the SAIL disinvestment, this year’s divestment tally has crossed Rs 15,000 crore.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Fri, January 15 2021. 17:52 IST
read the full story about Retail book of SAIL OFS subscribed 2.4 times, shares end 4.4% higher
#theheadlines #breakingnews #headlinenews #newstoday #latestnews #aajtak #ndtv #timesofindia #indiannews