MOIL share sale : Govt nets Rs 480 cr
New Delhi, January 25
The government’s 10% stake sale in manganese miner MOIL today saw a robust response from retail investors who put in bids for over 5 times the shares reserved for them, ensuring Rs 480 crore to the exchequer.
Retail investors bid for over 1.42 crore shares as against 26.63 lakh shares or 5.3 times the number reserved for them in the two-day offer for sale which closed today. Retail investors are being given 5% discount to the share allotment price.
The portion allocated to institutional investors yesterday received bids worth Rs 580 crore on the first day of the issue. Overall, the government sold 1.33 crore shares through the OFS route at a floor price of Rs 365.
With all-round participation from institutional and retail buyers, MOIL share sale is expected to garner Rs 480 crore after shares are allotted to the bidders. — PTI
