New Delhi : Institutional investors on Wednesday put in bids worth of Rs 578 crore for the government’s 15 per cent stake in National Fertilisers Ltd (NFL).
Through the two-day offer for sale (OFS), the government is selling 7.35 crore shares, or 15 per cent stake, at a floor price of Rs 72.80 a share. The sale would fetch about Rs 530 crore to the exchequer. At the close of market hours, of the 5.88 crore shares reserved for institutional buyers, subscriptions for over 7.94 crore shares came in, representing 1.35 times the shares on offer, according to NSE data.
Over 1.47 crore shares will be offered to retail investors on Thursday. Shares of NFL closed at Rs 73.20, down 7.17 per cent over the previous close, on the BSE.