Dredging Corp OFS fully subscribed, govt likely to get Rs 53cr

Government's 5 per cent stake sale in Dredging Corporation of India (DCI) was fully subscribed with strong demand coming from retail investors.
The stake sale, the third disinvestment of the current fiscal, would fetch about Rs 53.48 crore to the exchequer.
The issue got bids for 14.08 lakh shares as against 14 lakh shares on offer, representing 1.01 times as on 1425 hours. Bidding will continue till 1530 hours.
The portion reserved for retail category was subscribed 4.68 times. However, the portion for institutional investors was under subscribed at 0.60 per cent, as per NSE data.
The government is selling up to 14 lakh shares, representing 5 per cent of stake in the company, through an Offer for Sale (OFS).

At the floor price of Rs 382 per piece, the stake sale would fetch Rs 53.48 crore to the exchequer.

A 10 per cent of the issue size is reserved for retail investors, while 25 per cent has been reserved for mutual funds and insurance companies.
Visakhapatnam-headquartered, DCI ensures the continuous availability of the desired depths in shipping channels of the major and minor ports, navy, fishing harbours and other maritime organisations.
The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal. It has already raised over Rs 3,000 crore through stake sale in two PSUs, PFC and REC.