Powered by: Motilal Oswal
15/01/2021 10:00:46 AM | Source: IANS
SAIL`s OFS oversubscribed, retail investors to bid Friday
News By Tags | #444 #442 #526 #572
SAIL`s OFS oversubscribed, retail investors to bid Friday

The offer for sale (OFS) of Steel Authority of India (SAIL) has been oversubscribed by over four times on the first day of the issue.

Taking to Twitter, Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said that the government has decided to exercise the green shoe option and retail investors will be able to bid on Friday. On Thursday, the issue was open for non-retail investors.

"Offer for Sale of Govt shares in SAIL got great response on day one. Issue subscribed 4.14 times of base size at a clearing price above the floor price by non-retail investors. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow," he tweeted.

On Wednesday, the Secretary said that the Centre will sell up to 10 per cent stake in the steel PSU through OFS.

Shares of the company plunged 10 per cent during the day. On the BSE, its shares closed at Rs 67.25, lower by Rs 7.45 or 9.97 per cent from its previous close.
 

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here