Institutional buyers put up `1,887 cr bids in Concor stake sale
Led by LIC, institutional investors bid for twice the number of shares offered by government for 5 per cent stake sale in logistics firm Concor, guaranteeing the exchequer Rs 1,165 crore.
In a flying start to the 2-day offer for sale (OFS), institutional buyers put in bids worth Rs 1,887 crore, as against the total issue size of Rs 1,165 crore. Bids poured in for 1.57 crore shares or 2.02 times the 77.98 lakh shares offered to institutional investors on day one, as per the NSE data. Retail investors, for whom 20 per cent of the issue size of 97,48,710 shares has been reserved, will get to bid on Thursday. This is second disinvestment in a fortnight as goverment races to meet the revised, lower target of Rs 25,000 crore. At floor price of Rs 1,195 a share, the government is targeting Rs 1,165 crore from sale of its 5 per cent stake in Concor.