Govt stake sale in IOC subscribed over 57% by 1 pm

As much as 57.50 per cent of the Rs 9,302-crore government share sale in Indian Oil Corp (IOC) was subscribed by 1 pm today, but retail subscription was not as enthusiastic amid slump in broader market.
A total of 13.95 crore shares were bid for out of 24.28 crore share on offer at a minimum price of Rs 387, as per the data available from stock exchanges at 1300 hours.
The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.
The sale, which began at 0915 hours, received some demand from the retail investors, who are also getting 5 per cent price discount. As against 4.85 crore shares reserved for them, bids for over 22.96 lakh shares or 4.73 per cent came in at 1305 hours as per the stock exchange data.

At the floor price, if the issue is fully subscribed the government, after considering 5 per cent discount being offered to retail shareholders, will garner about Rs 9,302.21 crore.
The government holds 68.60 per cent interest in IOC.