SAIL Offer For Sale Oversubscribed 2 times

Business

oi-Sunil

By Sunil Fernandes

Published: Saturday, December 6, 2014, 8:56 [IST]

The offer for sale from Steel Authority of India was oversubscribed by more than two times. The government divested 5 per cent equity in which was successfully concluded.

Retail investors were given 10 per cent allocation and this category was also hugely oversubscribed more than 2.5 times, a record for any retail participation in any OFS. In order to facilitate retail investors, a 5 per cent price discount was offered to them. This OFS will fetch Rs.1715 crores approximately for the Govt.

With this divestment the Government of India share in SAIL would come down to 75 per cent and the Company has become compliant to the Public Shareholding norms of 25% for listed companies.

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