Government’s 10 per cent stake sale in manganese miner MOIl on Tuesday saw a robust response from retail investors who put in bids for over 5 times the shares reserved for them, ensuring Rs480 crore to the exchequer. Retail investors bid for over 1.42 crore shares as against 26.63 lakh shares or 5.3 times the number reserved for them in the two-day offer for sale which closed. Retail investors are being given 5 per cent discount to the share allotment price.
The portion allocated to institutional investors yesterday was bid 1.51 times as bids worth Rs580 crore poured in on the first day of the issue. Overall, Government sold 1.33 crore shares through the OFS route at a floor price of Rs365. With all-round participation from institutional and retail buyers, MOIl share sale is expected to garner Rs480 crore to the Government after shares are alloted to the bidders.