New Delhi, Apr 4 (PTI) The government's 2.83 per cent stake sale in Mazagon Dock Shipbuilders was over-subscribed by institutional investors on Friday who put in bids of about Rs 3,700 crore

The government is selling 1.14 crore equity shares or 2.83 per cent stake in Mazagon Dock Shipbuilders at a floor price of Rs 2,525 per share. The offer for sale (OFS) has a greenshoe option to retain over-subscription of an additional 80.67 lakh shares or 2 per cent. This takes the total issue size to 4.83 per cent.

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The OFS which opened for institutional investors on Friday, was over-subscribed 1.42 times of the base issue size. At the floor price of Rs 2,525 a share, the bid of over 1.45 crore shares is valued at about Rs 3,700 crore.

Bidding will open for retail buyers on April 7.

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Shares of Mazagon Dock closed at Rs 2,541.20 apiece, down 7.10 per cent over previous close on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)