RCFL’s offer for sale oversubscribed

The government shareholding in RCFL after this offer for sale (OFS) will come down to 75 percent

GN Bureau | July 3, 2017


#PSU   #RCFL   #offer for sale   #miniratna  

 The retail portion of Rashtriya Chemicals & Fertilizers Ltd (RCFL), a Miniratna category one CPSE, offer for sale (OFS) got an overwhelming response from retail investors.

Against the 20 percent portion amounting to Rs 40.96 crore reserved for retail investors, the total bids of Rs 237.28 crore has been received, thus the retail portion got oversubscribed approximately by 5.62 times, a PIB release said.
 
Overall, RCFL OFS for 5 percent divestment for equity shares of 27,584,405 amounting to Rs 204.81 crore at the floor price of Rs 74.25 per share, received a total demand for 7,82,00,420 equity shares amounting to Rs 587.9 crore. Therefore, the OFS of RCFL over-subscribed by 2.83 times.
 
This is the second CPSE OFS in the current financial year, and the government is likely to get Rs 203 crore. The government shareholding in RCFL after this OFS will come down to 75 percent.
 

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