Dredging Corp of India shares closed over 1.5 per cent lower on Friday as the company’s offer for sale (OFS ) opened for subscription. The company announced on Thursday (after market hours) that the floor price for the OFS was fixed at Rs 382 per share.
At 12.09 pm, the share price of the company was trading 0.83 per cent lower at Rs 384.10. It opened at Rs 385 and had touched a high and low of Rs 394.50 and 379.30, in trade so far. The BSE Sensex was down 1.43 per cent at 27,211.93.
The scrip closed 1.63 per cent lower at Rs 381.
As informed on August 19, the promoter- Government of India (GOI) has offered to sell up to 14 lakh equity, representing 5 per cent of the total paid up equity share capital, held by the GOI in Dredging Corporation of India through a sale on the separate window provided by the stock exchanges for this purpose.
The offer commenced during trading hours on a separate window of the stock exchanges at 9:15 am and shall close on the same date at 15:30 pm.
GoI holds 78.56 per cent stake in Dredging Corporation of India, according to the shareholding pattern of the company as on June 30.
On BSE, so far 43,000 shares were traded in the counter, compared with an average volume of 55,000 shares in the past two weeks.
SBICAP Securities Ltd and IDBI Capital Market Services Ltd are managing the offer. This is the third divestment issue by the government in this financial year. Earlier it had divested its stake in Rural Electrification Co. Ltd (REC) and the Power Finance Corp. Ltd (PFC). While PFC raised Rs 1,600 crore last month, REC raised Rs.1,610 crore in April.
State-run Dredging Corporation of India provides dredging services to the major ports of the country. The company is a pioneer organization in the field of dredging and maritime development.