Container Corporation of India declined 2.72% to Rs 1,193.40 at 10:00 IST on BSE after the floor price for the offer for sale of government's 5% stake in the company was set at a discount to previous session's closing price.
The announcement was made after market hours yesterday, 8 March 2016.Meanwhile, the BSE Sensex was down 152.96 points, or 0.62%, to 24,506.27.
On BSE, so far 4,054 shares were traded in the counter, compared with an average volume of 16,445 shares in the past one quarter. The stock hit a high of Rs 1,206 and a low of Rs 1,191 so far during the day. The stock hit a record high of Rs 1,944 on 1 June 2015. The stock hit a 52-week low of Rs 1,050.85 on 12 February 2016. The stock had outperformed the market over the past one month till 8 March 2016, rising 6.87% compared with gains of 1.53% in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 13.58% as against Sensex's 2.57% fall.
The large-cap company has an equity capital of Rs 194.97 crore. Face value per share is Rs 10.
Container Corporation of India (Concor)'s promoter and principal shareholder Government of India (GoI) has decided to sell up to 97.48 lakh equity shares, constituting 5% of the total paid up equity share capital of the company through offer for sale (OFS) via the stock exchanges mechanism today, 9 March 2016. The floor price for the OFS has been fixed at Rs 1,195 per share. Bidding for the shares in the OFS by non-retail investors takes place in a single trading session called 'T' day today, 9 March 2016. However, those non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day will be allowed to revise their bids on T+1 day. Bidding by retail investors will take place in a single trading session called T+1 day on Thursday, 10 March 2016. Retail investors will be allocated shares in OFS at a discount of 5% to the cut off price.
The OFS floor price of Rs 1,195 per share is at a discount of 2.58% to the stock's closing price of Rs 1,226.65 on BSE yesterday, 8 March 2016.
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Concor's net profit fell 31.5% to Rs 206.12 crore on 3.3% decline in net sales to Rs 1404.56 crore in Q3 December 2015 over Q3 December 2014.
Concor provides logistics solution. It has the largest network of inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain.
Government of India currently holds 61.79% stake in Concor (as per shareholding pattern as on 31 December 2015).
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