At 6.6 crore bids, Dredging Corp IPO is a hit on final day

The Dredging Corporation Ltd (DCI) public offer got an overwhelming response on the last day of the issue. The public offer of DCI got overs...

The Dredging Corporation Ltd (DCI) public offer got an overwhelming response on the last day of the issue. The public offer of DCI got oversubscribed about 12 times receiving bids for 6.6 crore equity shares as against the issue size of 56 lakh equity shares.

As against the price band of Rs 385-Rs 400 per share, the stock of DCI closed at Rs 490.95 up Rs 4.25 on Thursday. Officials from the book running lead managers to the issue said, the DCI issue got oversubscribed by over eight times on Thursday, alone.

Following the close of DCI book-built issue on Thursday, the government has successfully disinvested either part or its entire residual stake in four companies. The other three companies, whose offers for sale closed in the last one week include, Indian Petrochemical Corporation Ltd (IPCL), CMC Ltd and IBP Co Ltd. The offer for sale by the government in GAIL (India) Ltd will close on Friday.

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Meanwhile, the mega issue of Oil and Natural Gas Corporation will open on Friday, March 5, 2004 and close on March 13, 2004.

On Wednesday, post market hours the government set a price band of Rs 680- Rs 750 for the book built issue of ONGC. Just a day before the public offer, the stock of ONGC ended at Rs 760.05 up Rs 8.50 to its previous close of Rs 751.55 on the Stock Exchange, Mumbai (BSE). Market participants, however, are confident of the issue sailing through smoothly despite the government going for an aggressive price band, which is very close to the existing underlying stock price.

They expect, the blue-chip company will primarily seeked by foreign institutional investors (FIIs). Currently, FIIs holding in the company is less than one per cent of the total equity capital.

Once an MP, rape-convict Prajwal Revanna is now a clerk at prison library

Cities7 hr ago

Former JD(S) MP Prajwal Revanna, grandson of former PM H D Deve Gowda, has been assigned clerical duties at Parappana Agrahara Central Prison after receiving a life sentence for rape. He earns Rs 520 per day and faces multiple charges stemming from four cases, with evidence including videos of the assaults recorded on his phone. He was found guilty in one case and still faces trial in the others.

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