New Delhi : The offer for sale of 5% government stake in Dredging Corp of India Ltd was successful and subscribed 2.6 times, divestment secretary Aradhana Johri said, fetching Rs 53 crore to the exchequer. The issue generated bids worth Rs 142 crore as investors bid for 37.17 lakh shares against 14 lakh shares on offer. The OFS got subscribed 2.66 times, as per NSE data.
The portion reserved for retail category was over-subscribed 11.65 times, with bids worth Rs 63 crore. The portion for institutional investors was also subscribed 1.66 times, with bids worth Rs 79 crore. The government sold 5% stake in the shipping PSU through an Offer for Sale (OFS) at a floor price of Rs 382. Shares of Dredging Corp closed 1.63 per cent down at Rs 381 apiece on the BSE.
