Millennium Post

Out of 9 cos that hit mkt via OFS, only 6 succeed

As the deadline to meet the minimum 25 per cent public shareholding norm ended on Monday, nine private companies, including Tata Communications, hit the market with offers to sell shares worth over Rs. 450 crore, with six of the issues sailing through.
The other companies are Essar Ports, BGR Energy Systems, Omaxe, Kartik Investment Trust, Lords Chloro Alkali Ltd, Marathwada Refractories, Rama Phosphates and Balashri Commercial Ltd.

While six of them, including Tata Comm, Rama Phosphates, Marathwada Refractories, saw their OFS getting oversubscribed, the issues of BGR Energy Systems, Essar Ports and Omaxe could not get full subscription for the shares under offer, as per data with the bourses. Tata Comm's offer for sale was subscribed 1.56 times, while that of Rama Phosphates got bids for 1.04 times of shares on offer.
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