2015-16 Disinvestment - Dredging Corporation of India(DCI) OFS fully subscribed Friday August 21,2015

 

The Government’s 5 % stake sale in Dredging Corporation of India (DCI) on Friday August 21,2015 was fully subscribed with strong demand from retail investors. 

The stake sale, the third disinvestment of the current fiscal, would fetch about Rs. 53.48 crore to the exchequer. 

The issue got bids for 14.08 lakh shares against 14 lakh shares on offer, representing 1.01 times as on 2.25 pm. The bidding will continue till 3.30 pm. 

The portion reserved for retail category was subscribed 4.68 times. However, the portion for institutional investors was under subscribed at 0.60 per cent, as per NSE data. 

The government is selling up to 14 lakh shares, representing 5 per cent of stake in the company, through Offer for Sale (OFS) route. 

At the floor price of Rs. 382 per piece, the stake sale would fetch Rs. 53.48 crore to the exchequer. 

A 10%of the issue size is reserved for retail investors, while 25 per cent has been reserved for mutual funds and insurance companies. 

Note 

The NDA Govt is targeting to raise Rs. 69,500 crore from disinvestment in 2015-16

It has already raised over Rs. 3,000 crore through stake sale in two PSUs -

• Rural Electrification Corporation 1550 Crores on April 08,2015 and 
• Power Finance Corporation  1600 crores on July 27,2015

Visakhapatnam-headquartered DCI ensures the continuous availability of desired depths in shipping channels of major and minor ports, navy, fishing harbours and other maritime organisations.