Dredging Corporation of India rose 0.36% to Rs 388.70 at 11:04 IST on BSE as the Offer for Sale by the Government of India to sell a 5% stake in the company through the stock exchanges mechanism kicked off at 9:15 IST.
Meanwhile, the BSE Sensex was down 417.28 points, or 1.51%, to 27,190.54.
On BSE, so far 31,000 shares were traded in the counter, compared with an average volume of 35,423 shares in the past one quarter.
The stock hit a high of Rs 394.50 and a low of Rs 379.30 so far during the day. The stock hit a 52-week high of Rs 490.90 on 10 September 2014. The stock hit a 52-week low of Rs 341 on 12 June 2015.
The stock had underperformed the market over the past one month till 20 August 2015, falling 7.43% compared with 2.86% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 0.99% as against Sensex's 0.82% decline.
The small-cap company has an equity capital of Rs 28 crore. Face value per share is Rs 10.
By 10:35 IST, bids were received for a total of 59,154 shares for the Offer for Sale (OFS) of up to 5% stake of Government of India (GoI) in Dredging Corporation of India through the stock exchanges mechanism, as per data from the stock exchanges. A total of 14 lakh shares are on offer. The OFS will be completed in a single trading session. The OFS is scheduled to conclude at 15:30 IST.
The floor price for the OFS has been fixed at Rs 382 per share. Retail investors will be allocated shares at a discount of 5% to the Cut-Off-Price in the OFS.
GoI currently holds 78.56% stake in Dredging Corporation of India (as the per the shareholding pattern as on 30 June 2015).
Dredging Corporation of India's net profit rose 49.9% to Rs 16.70 crore on 9.2% decline in net sales to Rs 167.46 crore in Q1 June 2015 over Q1 June 2014.
State-run Dredging Corporation of India provides dredging services to the major ports of the country. The company is a pioneer organization in the field of dredging and maritime development.
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