The government will exercise the green shoe option for an additional 3.5% stake sale in Housing and Urban Development Corp. through an offer for sale.
Accordingly, the total offer size will be over 14 crore equity shares —representing 7% of the total paid-up share capital, HUDCO said in an exchange filing on Wednesday.
Consequently, 1.4 crore shares would be reserved for allocation to retail investors, subject to receipt of valid bids, as part of the offer on Oct. 19.
The bid took place at the floor price of Rs 79 apiece, a discount of 12.17% on Tuesday's closing price.
The OFS was subscribed 2.1 times or 210.47% on its first day, reserved for non-retail investors.
The company's stock tumbled over 9% early on Wednesday, after the government said it would sell stake in the company. At least 12.1 lakh shares of the company changed hands in a pre-market large trade, according to Bloomberg data.
Shares of HUDCO closed 10.65% lower at Rs 80.34 apiece, ahead of the announcement on Wednesday, as compared with a 0.83% decline in the benchmark S&P BSE Sensex.
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