NFL OFS subscribed 1.66 times

The floor price for the shares is Rs 72.80. The stock ended Thursday’s session at Rs 71.25, falling 2.66 per cent. The stock has fallen by 9.6 per cent in the past two sessions. A total of 36 lakh shares was traded on the two main exchanges — BSE and NSE — and the volume was 1.91 times higher than average daily volume in six months.

By: ENS Economic Bureau | Mumbai | Published:July 28, 2017 1:52 am
National Fertilizers, National Fertilizers IPO, IPO, Indian Express, Business news The offer for sale of National Fertilizers shares was subscribed 1.66 times by investors on Thursday. (Representational Image)

The offer for sale of National Fertilizers shares was subscribed 1.66 times by investors on Thursday, the concluding day of the offer. Investors bid for 12.21 crore shares against the 7.35 crore shares on offer. The offer represents 15 per cent of the total paid-up capital of the firm. Retail investors on Thursday bid for 2.44 crore shares against 1.47 crore shares reserved for them. Non- retail investors bid for 1.83 crore shares on Thursday. On Wednesday, non-retail investors had bid for 7.94 crore shares against 5.88 crore shares reserved for them.

The floor price for the shares is Rs 72.80. The stock ended Thursday’s session at Rs 71.25, falling 2.66 per cent. The stock has fallen by 9.6 per cent in the past two sessions. A total of 36 lakh shares was traded on the two main exchanges — BSE and NSE — and the volume was 1.91 times higher than average daily volume in six months. As of June 2017, the government holds 89.71 per cent stake in the company.

National Fertilizers posted a net profit of Rs 208 crore for the year ended March 2017, against a net profit of Rs 197 crore in the previous financial year. The company is engaged in the production and marketing of fertilizers, bio-fertilizers and other allied industrial products. The government hopes to raise Rs 72,500 crore in FY18 through a combination of minority stake sales, strategic disinvestments and through the listing of state-owned insurance companies.

The government raised Rs 46,246.58 crore in FY17 through buybacks, OFS, stake sales through central public sector enterprises exchange traded fund (CPSE ETF), and through divestment of strategic holdings in Specified Undertaking of Unit Trust of India (SUUTI). Of this Rs 8,003.87 crore came through OFS and employee OFS in various companies. NHPC, HCL, NBCC, MOIL, and BEL were among the companies in which the government sold stakes.

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