Financial Daily from THE HINDU group of publications
Friday, Mar 05, 2004
Industry & Economy - Disinvestment
Dredging Corporation offer oversubscribed
Mumbai , March 4
PUBLIC response to the Government's disinvestment process continued to be good from investors with the public offer of Dredging Corporation being oversubscribed over six times. The issue closed today.
According to the data available from the stock exchanges, Dredging Corporation issue received bids for 3.41 crore shares compared to the issue size of 56 lakh shares. The issue was oversubscribed 6.1 times.
Out of the total bids, the maximum bids for 3.02 crore shares were received at Rs 400 compared to the floor price of Rs 385.
The pricing of the issue is likely to be announced tomorrow.
GAIL public offer also continued to receive good response as till late evening the issue was oversubscribed 3.87 times with maximum bids being received at the floor price of Rs 180. The issue closes tomorrow.
Public offer of ONGC shares, opens for public subscription tomorrow. The Government is likely to raise around Rs 10,000 crore from the issue.
Among the IPOs, Power Trading Corporation offer was oversubscribed 5.56 times with the issue receiving bids for 32.54 crore shares compared to the issue size of 5.84 crore shares.
The maximum bids for 28.93 crore shares were received at the upper price band of Rs 16.
Petronet LNG IPO, which received lukewarm response initially, got subscription for 60 per cent of the issue size till late evening. However, the response on third day (today) was much better the previous days. The issue received bids for 15.76 crore shares compared to the issue size of 26.09 crore. Maximum bids for 7.61 crore shares were received at Rs 13 followed by bids at Rs 15 for 4.49 crore shares.
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