STC share sale fully subscribed, ITDC gets 57%

NEW DELHI: The government's 1.02 per cent share sale offer of State Trading Corporation ( STC) got fully subscribed before the close of market hours fetching over Rs four crore to the government.

The government divested 1.02 per cent, or 6.13 lakh shares, in STC at a base price of Rs 74 a piece.

At the indicative price, the average price at which bids came in, of Rs 74.01 a share, the disinvestment would fetch around Rs 4.54 crore to the exchequer.

The issue received bids for over 6.89 lakh shares or 1.12 times of the 6.13 lakh shares on offer till 1505 hrs, as per data available on the stock exchanges.

However, the stake sale of India Tourism Development Corporation Ltd ( ITDC) managed to get subscribed 57 per cent of the total shares on offer.

The government is selling 42.88 lakh shares at a base price of Rs 70 apiece. If fully subscribed the issue would fetch around Rs 30 crore to the exchequer.

The ITDC issue received bids for over 24.24 lakh shares or 57 per cent of the 42.88 lakh shares on offer till 15:15 hrs.