Institutional Investors Oversubscribe Mazagon Dock OFS

The government's sale of a 2.83% stake in Mazagon Dock Shipbuilders was oversubscribed by institutional investors, with bids amounting to Rs 3,700 crore. The offering includes a greenshoe option, potentially increasing the issue size to 4.83%. Retail investor bidding opens on April 7.

The government's 2.83% stake sale in Mazagon Dock Shipbuilders attracted strong interest from institutional investors, receiving bids worth Rs 3,700 crore and oversubscribing the offer by 1.42 times.

At a floor price of Rs 2,525 per share, the government is offloading 1.14 crore equity shares with an additional greenshoe option to accommodate over-subscription, potentially increasing the total sale to 4.83% of the company.

Meanwhile, shares of Mazagon Dock closed at Rs 2,541.20, marking a 7.10% decrease from the previous day's close on the BSE. Retail buyers can place their bids starting April 7.

(With inputs from agencies.)