National Fertilizers' Rs 530-cr offer for sale fully subscribed

The Rs 530-crore offer for sale (OFS) of National Fertilizers Ltd (NFL) sailed through successfully, helping the government dilute 15 per cent stake.

The retail portion of the OFS garnered 2.7 times subscription on Thursday.

A day earlier, the share sale saw 2.4 times more demand than shares on offer meant for institutional investors and high net-worth individuals (HNIs).

The floor price for the issue was Rs 72.8 per share- a 7.6 per cent discount to the last traded price the day the OFS was announced.

Shares of NFL dropped Rs 1.95 or, 2.6 per cent to close at Rs 71.25.

Prior to the stake sale, the government held 89.71 per cent stake in NFL.

So far during the current financial year, the Centre has raised a little more than Rs 7,000 crore through divestment. Prior to NFL, the government went for an OFS in Nalco and the Rashtriya Chemicals and Fertilizers (RCF). The Centre also divested a part of its stake in Hudco through an initial share sale.