According to sources in New Delhi, the allotment of Concor shares was worked out on Monday. However, none of the banks or institutions have received any official communication as yet.

SBI had bid for the issue at Rs 250 per share along with the Industrial Developement Bank of India, Unit Trust of India, ICICI, General Insurance Corporation, Life Insurance Corporation, a clutch of foreign instutional investors and a few smaller banks.

The UTI and LIC had bid for 10 lakh shares each (Rs 25 crore), while the GIC and IDBI had bid for eight lakh shares each(Rs 20 crore) at Rs 250 per share. ICICI and Industrial Finance Corporation of India had bid for Rs 5 crore worth of shares each.

"Bids of some smaller banks have been partially rejected," a source familiar with the allotment process said. State-run banks and financial institutions have been allotted whatever they had asked for, while some private-sector banks and FIIs--which took time to make their bids--have got partial allotments, sources said.

Warburg Dillon Read was the global co-ordinator for the issue. DSP Merrill Lynch, JM Finance and UTI Securities are the co-lead managers in the domestic market.

Book-building exercise for the Rs 225-crore issue closed on Friday. The issue was opened to investors on November 2 after a presentation by merchant bankers and closed on November 13. The divestment had its initial hiccups when banks and institutions indicated that they would bid at Rs 210 to Rs 230.

Concor is the first among the five public-sector undertakings, in the current financial year, inwhich the government is divesting its stake to raise about Rs 5,000 crore.

Banking sources said that they have been forced to subscribe at Rs 250 per share under pressure from the finance ministry. "The finance ministry has forced banks to bid at Rs 250, the reserve price fixed for the issue, after it got wind that they were about to bid at below the reserve price. However, at the alloted price it is still a very good buy," a banker said.

The Concor scrip was last traded at Rs 404.80 on the National Stock Exchange. At the Bombay Stock Exchnage, the scrip was traded at Rs 378.

The government sold nine million shares, of which four million were new shares issued by the company. Following the disinvestment, the centre's stake will come down from over 77 per cent to 63 per cent.