Friday, 28 July 2017

Govt raises Rs 535 cr from NFL share sale

The government's 15 per cent stake sale in National Fertilizers Ltd (NFL) today fetched Rs 535 crore to the exchequer, with over-subscription from both retail and institutional investors.

The two-day offer for sale (OFS) opened for retail investors today and was over-subscribed 1.66 times.

Against Rs 107 crore reserved for retail investors, total bids of Rs 178.67 crore were received.

Institutional investors' portion was over-subscribed 1.35 times yesterday with bids worth Rs 578.8 crore coming in against shares for value of Rs 428.57 crore at the floor price.

"Overall, NFL OFS for 15 per cent divestment for equity shares of 7.35 crore amounting to Rs 535.71 crore at the floor price Rs 72.80 per share, received a total demand for equity shares amounting to Rs 757.45 crore. Therefore, the OFS of NFL was over-subscribed by 1.41 times," the Finance ministry said in a statement.

This is the third CPSE OFS in the current financial year, and the government is likely to get Rs 535 crore approximately, it added.

The government shareholding in NFL after this OFS has come down to 74.71%.

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