Public sector metal firm Steel Authority of India Limited. Sales Supply (OFS) in 5pc stake (SAIL) of officials got full membership even before the business closed on the first day on Thursday.
Government is promoting 5 pc share
As per the knowledge of the inventory market, till 2 pm, the firm subscribed for 26.01 crore shares. This overall challenge measures about 125pc and 144pc share is reserved for retail buyers. On the first day, non-retail buyers bid for the firm’s shares. Officials are promoting 206.5 million shares or 5 percent stake in SAIL through OFS. If additional membership is obtained, the authorities may have the option of promoting further 20.65 crore shares. The entire disinvestment can be 10 pcs with Gri-Shu.
Retail buyers will be able to bid on Friday
The minimum share price for OFS has been kept at Rs 64 per share. OFS opened to non-retail buyers on Thursday. Retail buyers will be able to bid for it on Friday. Out of the entire 20.65 crore shares provided, 18.07 crore shares are reserved for non-retail buyers and half to two crore shares for retail buyers. Knowledge suggests that the bids for the shares have been placed at a price of Rs 64.66 per share.
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Out of the entire shares, 12.5 PCs are reserved for allocation to retail buyers. As per the phrases of OFS, no bidder other than mutual fund firms registered with the Securities and Exchange Board of India (SEBI) can be allotted more than 25 per cent shares on supply. A minimum of 25pc shares are reserved for mutual fund and insurance coverage firms.