Centre mops up nearly Rs 400 crore through Rites offer for sale

The government has moblilised nearly Rs 400 crore by divesting a little over 5 per cent stake in state-owned engineering firm Rites. The stake sale was done through the offer for sale (OFS) route.

The OFS got bids for 13.2 million shares against 16.5 million shares on offer. The offering saw poor response from retail investors amid a sell-off in the markets. 

The base price for the OFS was set at Rs 298 per share. Shares of the company last closed at Rs 293 on the BSE.