Govt raises Rs 1,165 cr from 5% stake sale in PSU Concor
Racing to meet its disinvestment target, the government on Thursday raised Rs 1,165 crore from sale of its 5 per cent stake in Concor after retail investors turned up in hoardes to bid near twice the number of shares reserved for them.
In perhaps their best ever showing in recent government disinvestments, retail investors put in bids worth Rs 430.88 crore, 1.84 times their reserved portion of 19.49 lakh shares amounting to Rs 233 crore at floor price of Rs 1,195 apiece.
The robust retail demand came a day after institutional investors put in bids for more than twice the number of shares they were offered. The retail investors’ portion was oversubscribed even before the close of market, according to stock exchange data. Container Corporation of India (Concor) is the second disinvestment by the government in just over two weeks.