Stake sale offers in State Trading Corporation (STC) and India Tourism Development Corporation Ltd (ITDC) were fully subscribed on Friday, along with that of Neyveli Lignite Corporation (NLC), helping the government garner Rs 395 crore for the exchequer.
The 3.56 per cent
stake sale in NLC fetched Rs 360 crore with all of the shares being picked up by five Tamil Nadu government firms.
The sale of 5 per cent stake, or 42.88 lakh shares, in ITDC fetched over Rs 30 crore. Another Rs 4.54 crore came in from STC disinvestment of 1.02 per cent, or 6.13 lakh shares.
The stake sale would now make the three PSUs compliant to the minimum 10 per cent public holding norm of market regulator Securities and Exchange Board of India (Sebi). Post the stake sale, government's
holding in the PSUs has come down to 90 per cent.
The base price for ITDC and STC were Rs 70 apiece and Rs 74 apiece, respectively.
While STC's stake sale got over-subscribed 1.13 times with bids coming in for over 6.90 lakh shares, against 6.13 lakh shares on offer, ITDC disinvestment scraped through with the issue getting bids for 46.71 lakh shares, or 1.09 times of the 42.88 lakh shares on offer.
The NLC issue, which got over-subscribed within an hour of the opening of trade, received bids for over 6.12 crore shares as against 5.97 crore on offer.
Shares of NLC closed at Rs 55.05, down 4.76 per cent over previous close on the Bombay Stock Exchange.
With the three stake sales on Friday, the government has raised about Rs 1,323 crore as disinvestment proceeds so far this financial year.
The government had earlier sold stake in MMTC, Hindustan Copper and
National Fertilisers. It targets to raise Rs 40,000 crore through PSU stake sale in 2013-14.
With inputs from PTI
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