The 2-day offer of sale (OFS) of the government's 10 per cent shares in MOIL at a floor price of Rs 365 opened for non-retail investors today.
According to stock exchange data, 29.19 per cent of the 1.06 crore shares reserved for the non-retail segment were subscribed in the first two-and-a-half hours of opening.
The MOIL stock was trading 2.3 per cent down at Rs 374 on BSE at 1145 hours.
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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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.