Retail buyers lapped up all the shares in the Indian Railway Catering and Tourism Company (IRCTC) offer for sale on Friday.
A day previously, the institutional trader portion of the OFS was subscribed 1.34 times. By means of the OFS, the Centre has effectively divested twenty for every cent stake in the railway ticketing company.
The Centre experienced set the floor selling price of the OFS at Rs 1,367. Nonetheless, most bids came all around Rs 1,378, data delivered inventory exchanges display.
Shares of IRCTC finished at Rs 1,425 on Friday. Next the share sale, the government’s stake in IRCTC will drop to 67.four for every cent.
Federal-Mogul OFS bombs once again
The promoters of MNC company Federal-Mogul Goetze encounter a difficult undertaking of pruning their shareholding to comply with the twenty five for every cent minimum general public shareholding norms.
The two makes an attempt by promoters to offer their shares to general public have both unsuccessful. The offer for sale (OFS) released this week obtained bids for only 22,581 shares as against eleven.5 million on offer.
The previously OFS in October experienced fulfilled with a similar destiny. It was subscribed a lot less than 10 for every cent. Federal-Mogul’s promoter Tenneco, an US-dependent automotive item maker, has to carry down its holding from current ninety six.82 for every cent to under 75 for every cent to comply with the minimum general public shareholding norms by January 2021.
Next an indirect modify in possession, Tenneco released a mandatory twenty five for every cent open up offer in Federal Mogul, which concluded in January. Next the open up offer, the promoter shareholding went up from seventy four.98 for every cent to ninety six.82 for every cent.