RCF stake sale gets subscribed 1.3 times

Due to accelerated bidding in the last hour of auction,the government successfully offloaded 12.5 per cent stake in state-owned fertiliser company Rashtriya Chemicals amp; Fertilisers RCF on Friday,helping the exchequer raise a little over Rs 300 crore.

As per stock exchange data,the auction was subscribed 1.3 times,with bids received for nearly 8.9 crore shares at an indicative price of Rs 45.02 apiece against 6.9 crore shares on offer.

Further,out of the total bids received,investors bid for 2.21 crore shares at 100 per cent margin and about 6.69 crore shares at nil margin,exchange data showed.

Until 2:35pm,the auction had been subscribed only 0.39 times 2.75 crore shares,of which,only 78.35 lakh shares were bid at 100 per cent margin and 1.97 crore shares bid at nil margin. FE