July 27, 2017 / 1:37 PM / 10 months ago

BRIEF-India says to raise about 5.35 bln rupees from National Fertilizers stake sale

July 27 (Reuters) -

* India says to raise about 5.35 billion rupees from National Fertilizers stake sale Source text - (The retail portion of National Fertilizers Ltd (NFL) OFS oversubscribed by retail investors. Against the 20% portion amounting to ₹ 107.14 cr reserved for retail investors, the total bids of ₹178.67 cr has been received, thus the retail portion got oversubscribed approximately 1.66 times. The Non Retail portion of the OFS opened on 26th July, 2017. Total subscription of ₹ 578.8 cr has been received against shares for value of ₹ 428.57 cr at floor price and oversubscribed by 1.35 times. Overall, NFL OFS for 15% divestment for equity shares of 73586760 amounting to ₹ 535.71 cr at the floor price ₹ 72.80 per share, received a total demand for equity shares amounting to ₹ 757.45 cr. Therefore, the OFS of NFL over-subscribed 1.41 times. This is the 3rd CPSE OFS in the current financial year, and Government is likely to get ₹ 535 cr approximately. The Government shareholding in NFL after this OFS will come down to 74.71%.) Further company coverage:

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