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  1. Government to divest 5% stake in Concor; issue to open on March 9

Government to divest 5% stake in Concor; issue to open on March 9

Government will sell 5 per cent stake in Container Corporation of India (Concor) at a minimum price of of Rs 1,195 per share on Wednesday.

By: | Updated: March 9, 2016 10:47 AM
Concor stake sale Concor stake sale: For non-retail investors, the offer shall take place on a separate window of the stock exchanges on the trading day (T-Day), commencing at 9.15 am and shall close at 3.30 pm on the same day.

After NTPC, another offer for sale (OFS) is going to hit markets as government is set to sell 5 per cent stake in Container Corporation of India (Concor) at a floor price of of Rs 1,195 per share on Wednesday.

The floor price set for the OFS is at a discount of 2.58 per cent over Tuesday’s closing price of Rs 1,226.65 of Concor on the BSE.

For non-retail investors, the offer shall take place on a separate window of the stock exchanges on the trading day (T-Day), commencing at 9.15 am and shall close at 3.30 pm on the same day. On the T-day, non-retail investors may indicate their willingness to carry forward their bids to T+1 day.

Only retail investors shall be allowed to place their bids on T+1 day. Further, those non-retail bidders (unallotted bidders on T-day who choose to carry forward their bid on T+1 day), shall be allowed to revise their bids on T+1 day as per the SEBI OFS circulars.

The share price of the company closed 0.54 per cent down at Rs 1226.65 on Tuesday. The scrip opened at Rs 1220 and touched a high and low of Rs 1260.70 and Rs 1200.55, respectively, in trade. Sensex closed 12.75 points, or 0.05 per cent, up at 24,659.23.

Government holds 61.79 per cent stake in the company which is under the administrative control of the Railways Ministry.

Concor will be the seventh disinvestment of the fiscal and will help government inch towards the revised
disinvestment target of Rs 25,000 crore.

Concor is engaged in the business of transportation through containerisation. Over the years, the company has diversified into several container logistics activities such as container port, air cargo complex, air freight station, warehousing, logistics park, supply chain management etc. The company’s core business is characterised by three distinct activities, that is of a carrier, a terminal operator, and a warehouse operator.

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