Institutional investors on Tuesday placed bids worth more than R870 million in government sales by eight percent of HUDCO.
Institutional investors bid for more than 19.40 crore shares compared to the base issuance size of more than 9.90 crore shares.
At a discounted price of Rs 45.03 each, bids submitted by institutional bids have a value of more than R870.
The HUDCO OFS received a positive response on Day One. The matter has been registered almost twice the size of non-commercial investors.
The government sells up to eight percent of HUDCO’s sale at a low price of Rs 45 each. Bids will be opened to store investors on Wednesday.
A sale of more than 16.01 crore shares, or a total of 8 per cent, will fetch about Rs 720 crore from the exchequer.
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OFS consists of a basic issuance size of 5 per cent shares or more than 11.01 crore shares, with the option to keep a registration of more than 2.5 per cent or more than 5 crore shares, for a commercial offer (OFS).
HUDCO shares closed at Rs 45.40, down 3.81 percent above the previous BSE closing.
The government has already raised more than Rs 7,646 million through the sale of small stocks. In this case, Rs 3,651 crore from the NMDC OFS and Rs 3,994 from the sale of the SUUTI stake at Axis Bank.
