Moil OFS retail portion subscribed five times

The retail portion of the Rs 450-crore share sale by Moil Ltd was oversubscribed five times. 

Retail investors, those investing up to Rs 2,00,000, bid for 14.3 million shares as against 2.7 million shares on offer in the offer for sale (OFS). 

Most bids came around the floor price of Rs 365 per share. The government is offering an additional discount of 5% to the allotment price. 

Shares of Moil on Wednesday ended at Rs 372.3, up Rs 4.1, or 1.1%. On Tuesday, the institutional investor portion of the OFS was subscribed 1.6 times. 

Following the share sale, the government holding in Moil will drop from the current level of 75.58% to 65.58%. So far this fiscal, the Centre has raised about Rs 30,000 crore as a part of its 2016-17 disinvestment programme. Last week, it raised Rs 6,000 crore through the second tranche of the CPSE ETF.