The share sale attracted bids for over 1.60 crore shares as against 1.06 crore shares offered to institutional investors, garnering a subscription of 1.51 times, according to the stock exchange data.
Most of the bids came at Rs 365.26 per share, slightly higher than the floor or minimum bid price of Rs 365. At this price, subscription of over 1.06 crore shares totalled over Rs 580 crore.
As many as 1.33 crore shares are being sold over two days. The offer for sale (OFS) will open tomorrow for retail subscribers with 27 lakh shares on table.
In all, the government is selling 1.33 crore shares through the OFS route at a floor price of Rs 365. The share sale would fetch Rs 480 crore to the exchequer.
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Shares of MOIL closed at Rs 368.25, down 3.78 per cent over previous close on BSE.
The government currently holds 75.58 per cent in MOIL, formerly known as Manganese Ore India Ltd. Earlier this fiscal, the government had raised about Rs 794 crore through share buyback of MOIL.
The government has so far raised about Rs 30,000 crore through minority share sale by way of OFS, share buyback and CPSE ETF so far in the current fiscal.
Last week, the Department of Investment and Public Asset Management (DIPAM) launched the second tranche of CPSE Exchange Traded Fund (ETF), which was over-subscribed 2 times. The sale fetched Rs 6,000 crore to the exchequer.
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