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Dredging Corp offers shares to employees at Rs 362.90/piece

Press Trust of India  |  New Delhi 

of (DCI) will offer for sale 70,000 equity shares to eligible employees between October 31 to November 9.

DCI said acting through Ministry of Shipping, it will offer for sale equity shares at a 5 per cent discounted prices on the offer prices of Rs 382 offered to public in August last year.

"The number of shares being offered to the eligible employees is 70,000 equity shares (constituting 0.25 per cent of paid up equity share capital of the company)," DCI said in a regulatory filing to the

It said, "The price being offered to the eligible employees is Rs 362.90 (5 per cent discounted price on the offer price of Rs 382 at the time of offer for sale to public in August 2015."

It said the offer for sale will be open from October 31 to November 9.

The government had undertaken an offer for sale of 5 per cent of equity shares on August 21 last year through the stock exchange mechanism.

The stake sale in DCI had been over-subscribed on strong demand from retail investors, fetching Rs 53 crore to the exchequer.

The portion reserved for retail category in DCI OFS was over-subscribed 11.65 times, with bids worth Rs 63 crore. The portion for institutional investors was also subscribed 1.66 times, with bids worth Rs 79 crore.

The Visakhapatnam-headquartered DCI ensures continuous availability of the desired depths in shipping channels of the major and minor ports, navy, fishing harbours and other maritime organisations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 21:57 IST