Steel Authority of India Ltd., a public sector steel company. The government has received a full subscription of five percent (SIL) sales offer (OFS) before the business closed on Thursday.
The government is selling a five percent stake
According to stock market data, the company received subscriptions for 26.01 crore shares as of 2pm. This is approximately 125 percent of the total issue size and 144 percent of the shares reserved for retail investors. On the first day, non-retail investors bid for shares of the company. The government is selling 206.5 million shares or a five percent stake in SAIL through OFS. The government has the option of selling an additional 20.65 crore shares if it receives a higher subscription. The total investment with Gri-Shu will be 10 percent.
Retail investors will be able to bid on Friday
The minimum share price for OFS is Rs 64 per share. OFS opened Thursday for non-retail investors. Retail investors will be able to bid for it on Friday. Out of a total of 20.65 crore shares, 18.07 crore shares were reserved for non-retail investors and 2.58 crore shares for retail investors. The data shows that stock bids were placed at a price of Rs 64.66 per share.
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Of the total shares, 12.5 percent is reserved for retail investors. Under the terms of the OFS, no bidder may issue more than 25 per cent of the offer to any bidder other than the Mutual Fund Companies registered with the Securities and Exchange Board of India (SEBI). At least 25 percent of the shares are reserved for mutual funds and insurance companies.