Business
Central Bank’s OFS draws 1.28x subscription
Mumbai: The government’s Offer for Sale in Central Bank of India was subscribed 1.28 times on Monday, the last day of the two-day issue. The retail investor category received bids for 14.1% of the shares on offer on the second day of the issue. On Friday, institutional investors had placed bids for 76.86 crore shares against an offer size of 65.17 crore shares, translating to a subscription of 1.17 times the shares in the category, as per exchange data. Against 7.24 crore shares reserved for the retail category, bids were received for just about 1.02 crore shares. Overall, the OFS received cumulative bids for 9.24 crore shares against the total offer size of 7.24 crore shares. On Friday, the government said it wanted to sell up to an 8% stake, including a 4% base issue and an equivalent greenshoe option, in the OFS. The floor price was set at ₹31 per share, a discount of about 8.6% to Thursday’s closing price of ₹33.91.
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