RCF offer for sale gets healthy response from retail investors

MUMBAI: The offer for sale of Rashtriya Chemicals & Fertilisers ( RCF) received a good response from the retail investors on Friday as the portion reserved for them got subscribed 5.7 times.

The two-day OFS of RCF opened on Thursday with over 2.76 crore shares on offer and was subscribed overall 3.3 times. On Thursday , the institutional portion was subscribed 2.2 times. RCF shares which declined 6% on Thursday closed at Rs 76.15, up 1.4% on Friday.

The government sold 5%, or over 2.76 crore shares, at a floor price of `74.25 to raise about `205 crore. Post this sale, the government's stake fell to 75% from 80%. Over 55 lakh shares have been reserved for retail investors for whom a 5% discount was offered over the cut-off price.

Bids for about 3.1crore shares came in for the retail portion. On Thursday , as against 2.20 crore shares offered to institutional buyers, bids came in for over 4.72 crore shares.