All PSU offers oversubscribed
By Our Corporate Bureau | 28 Feb 2004
Mumbai: The Government's disinvestment process has succeeded with all the five issues so far opened getting oversubscribed.
With this, the Government will be able to mop-up around Rs 3,500 crore from the disinvestment process in the current fiscal. However, the biggest issue of around Rs 10,000 crore of ONGC is slated to hit the primary market on March 5. In the current fiscal, the Government has already mobilised around Rs 900 crore by selling its shares to the public in Maruti Udyog.
The IPCL issue was oversubscribed three times. The GAIL issue, which opened yesterday was oversubscribed 1.08 times. The CMC issue which closes today has already been over-subscribed 6.27 times. The IBP issue, which received lukewarm response on the first three days, was also oversubscribed 1.1 times. Dredging Corporation too found support from the investors with the issue being oversubscribed 1.39 times.
