Monday, February 6, 2023
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HomeMarketStocksStrong institutional response for IRCTC OFS; offer oversubscribed

Strong institutional response for IRCTC OFS; offer oversubscribed

The federal government’s supply on the market (OFS) of shares in Indian Railway Catering and Tourism Corp acquired an amazing response from institutional traders on Thursday, making means for the Centre to make use of the greenshoe choice.

The federal government acquired bids for five,55,10,454 shares within the OFS from institutional traders towards the supply measurement of 1,80,00,000 for the class. This gave the federal government a chance to make use of the greenshoe choice of 1,80,00,000 further shares.

The 7% low cost provided within the OFS drove the robust demand for the inventory. The ground value for the OFS was set at Rs 680 a share. Shares of the corporate ended 6.2% down at Rs 689.05 on the Nationwide Inventory Trade.

Given the steep low cost within the OFS, merchants dumped it within the open market to subscribe to it. The OFS will open for retail traders on Friday, when institutional traders too, can place their bids.

The federal government has reserved 10% of the OFS for retail traders.

(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t signify the views of Financial Instances)

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