Retail investors bid for over 1.42 crore shares as against 26.63 lakh shares or 5.3 times the number reserved for them in the two-day offer for sale which closed today.
Retail investors are being given 5 per cent discount to the share allotment price.
The portion allocated to institutional investors yesterday was bid 1.51 times as bids worth Rs 580 crore poured in on the first day of the issue.
With all-round participation from institutional and retail buyers, MOIL share sale is expected to garner Rs 480 crore to the government after shares are alloted to the bidders.
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Finance Ministry officials said the response of retail investors in MOIL share sale was "encouraging" and much better than the general trends in other OFS.
MOIL stock closed at Rs 372.30, up 1.10 per cent, on the 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.
About Rs 30,000 crore have been raised 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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