The federal government’s 2.83 per cent stake sale in Mazagon Dock Shipbuilders was over-subscribed by institutional buyers on Friday who put in bids of about Rs 3,700 crore.
The federal government is promoting 1.14 crore fairness shares or 2.83 per cent stake in Mazagon Dock Shipbuilders at a ground value of Rs 2,525 per share. The provide on the market (OFS) has a greenshoe choice to retain over-subscription of an extra 80.67 lakh shares or 2 per cent. This takes the entire challenge dimension to 4.83 per cent.
The OFS which opened for institutional buyers on Friday, was over-subscribed 1.42 occasions of the bottom challenge dimension. On the ground value of Rs 2,525 a share, the bid of over 1.45 crore shares is valued at about Rs 3,700 crore. Bidding will open for retail consumers on April 7.
Shares of Mazagon Dock closed at Rs 2,541.20 apiece, down 7.10 per cent over the earlier shut on the BSE.
