SAIL OFS fully subscribed on first day

MUMBAI: The non-retail portion of Steel Authority of India Ltd's offer-for-sale was oversubscribed. The company received bids for 747.46 mln shares against the 180.71 mln on offer, BSE data showed. Bids were received at an indicative price of 65.49 rupees.

The offer-for-sale will open on Friday for retail investors. The government today decided to exercise the greenshoe option and sell an additional 5% stake, or 206.5 mln equity shares, in the company through an offer-for-sale of shares, after the offer-for-sale of 5% stake was oversubscribed.

"...Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow," Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey posted on micro blogging site Twitter. By exercising the oversubscription option, the overall offer size will expand to 413 mln shares, representing 10% stake in the state-owned company's equity holding.