Nine cos offer to sell shares through OFS; six succeed

Nine companies including Jet Airways and Tata Teleservices (M) today hit markets with their respective offer for sale (OFS) issues, worth nearly Rs 900 crore to achieve 25% minimum public shareholding.

While six of them, including Adani Enterprises and Essar Shipping saw their OFS getting subscribed, the issues of Jet Airways and Essar Ports could not get full subscription for the shares under offer and that of Tata Teleservices was hugely under-subscribed, as per data with bourses.

The companies whose OFS shares were fully or over subscribed also included Advance Lifestyle, Novartis India, RDB Realty & Infrastructure and Saint-Gobain Sekurit India.

While Jet issue was subscribed 69.16%, that of Essar Ports got bids for 89.73% of shares on offer.

Tata Teleservices (Maharashtra) could get bids for only 20% of shares offered to be sold through OFS. Earlier this month, Tata Sons cancelled a plan to sell shares via OFS route in Tata Teleservices (M).

All the nine companies had offered to sell the shares through one-day OFS route on the stock exchanges' platform to meet the Sebi guidelines for attaining a minimum 25% public shareholding by June 3.

Adani Enterprises' 1.6 crore share sale saw bids for 1,62,34,504 shares, translating into 100 percent subscription.

The floor price for its promoters' offer for sale of 1.6 crore shares had been fixed at Rs 227 apiece. The company raised Rs 366 crore through the share sale.

Advance Lifestyle's OFS received bids for 2,85,228 shares against 1,29,807 shares on offer. The company mopped up Rs 10 lakh through the stake sale.

The OFS of Essar Shipping was over-subscribed 1.09 times, raising Rs 34 crore.

Similarly, RDB Realty & Infrastructure share sale was subscribed 1.01 times. The offer to sale 7,20,000 shares received bids for 7,29,184 shares.

Saint-Gobain's offer for sale was subscribed 3.11 times, raising Rs 11 crore, while Novartis' OFS was over-subscribed 7.26 times.

On the other hand, Jet Airways offer to sell over 43.17 lakh shares via OFS was under-subscribed, enabling it to raise over Rs 222 crore.

As per the data available with the BSE, the issue received bids for 29,86,022 shares till 1530 hrs, which is 69.16% than the offer of 43,17,697 shares.

The OFS of Essar Ports got bids for 2,03,43,200 scrips against 2,26,71,161 shares on offer. The company garnered Rs 183 crore through the issue.

Tata Teleservices' 3.5 crore share sale got bids for just 68,771 shares.