Govt likely to get Rs 535 Cr from NFL disinvestment
Published: Jul 28, 2017
By TIOL News Service
NEW DELHI, JULY 28, 2017: NATIONAL Fertilizers Limited (NFL) is India's largest Central Public Sector Enterprise (Government of India Undertaking) in fertilizer sector with a turnover of over Rs. 75 billion.
The two-day offer for sale (OFS) on both Retail & Non Retail portion was opened for investors from July 26, 2017 till July 27, 2017.
The National & Bombay stock exchanges, remarked that overall, NFL OFS for 15% divestment for equity shares of 73586760 amounting to Rs. 535.71 crore at the floor price Rs. 72.80 per share, received a total demand for equity shares amounting to Rs. 757.45 crore. Therefore, the OFS of NFL was over-subscribed by 1.41 times.
The Retail portion was over-subscribed by 1.66 times where, it received total bids of Rs.178.67 crore against the 20% portion amounting to Rs. 107.14 crore reserved for retail investors. The Non Retail portion of the OFS have received a total subscription of Rs. 578.8 crore against shares for value of Rs. 428.57 crore at floor price and thus oversubscribed by 1.35 times.
This is the 3rd CPSE OFS in the current financial year, and the Government is likely to get Rs. 535 crore approximately. The Government shareholding in NFL after this OFS will come down to 74.71%.