The government is selling over 97.48 lakh shares or 5% stake in Concor at a floor price of Rs 1,195 a piece.
The government's 5% stake sale in Container Corporation of India (Concor) opened for bidding by retail investors this morning with a subscription of nearly 2 lakh shares in the early hours of trade.
However, Concor shares slipped below the floor price of Rs 1,195 in a weak market and were trading down 1.12% at Rs 1,182.20 a piece on the BSE.
The government is selling over 97.48 lakh shares or 5% stake in Concor at a floor price of Rs 1,195 a piece. Of this, over 77.98 lakh share were offered to institutional investors on Wednesday.
Bidding for the remaining over 19.49 lakh shares began this morning. According to the NSE data, subscription for over 1.98 lakh shares or 10% came in at 10.45 am.
A 5% additional discount is being offered to retail investors, classified as those bidding for shares worth up to Rs 2 lakh.
At a floor price of Rs 1,195 a piece, the sale of over 97.48 lakh shares would fetch Rs 1,165 crore to the exchequer.
Institutional investors, including foreign institutional investors (FIIs) and insurance companies, gave a thumping start to the Concor stake sale on Wednesday with the portion offered to them getting over- subscribed 2.02 times. Total bids worth Rs 1,187 crore came in from these buyers.
Bidding by retail investors would continue till 3.30 pm.
This is the second disinvestment in a fortnight as the government races to meet the revised target of Rs 25,000 crore. Concor is the seventh public sector unit (PSU) stake sale of the current fiscal. Earlier, the government had budgeted Rs 41,000 crore from such proceeds for the current fiscal ending this month.
The government has already raised Rs 18,352 crore through stake sale in Indian Oil Corporation (IOC), NTPC, Engineers India Ltd (EIL), Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Dredging Corporation.
Concor falls under the administrative control of the Railway Ministry and provides logistics support such as inland container depots, domestic container terminals, transportation by rail and road, warehousing, storage and other value-added solutions.
On Thursday, at 1241 hours, the shares of Concor were trading down 0.30% or Rs 3.60 at Rs 1,191.95 per scrip on the BSE.
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