HUDCO OFS: Govt to promote as much as 7% stake in HUDCO through OFS; flooring worth mounted at Rs 79/share

The Union authorities has proposed to promote as much as 7% stake in Housing and City Growth Company (HUDCO) via a proposal on the market (OFS).

The ground worth for the provide has been mounted at Rs 79 per share.

The provide worth is at a 12% low cost to the present market worth.

Underneath the OFS, the federal government will offload 7 crore fairness shares, representing about 3.5% of fairness with an oversubscription choice of one other 3.5%.

The provide will kick-start on October 18, which is the ‘T’ day, the place solely non-retail traders are allowed to bid for the shares. On T+1 day, which is October 19, retail traders shall be allowed to bid for shares and people non-retail traders who selected to hold ahead their bids also can take part.

The OFS will happen throughout buying and selling hours on a separate window of the inventory exchanges.

These non-retail traders who’ve positioned their bids on T-day and have chosen to hold ahead their unallotted bids to T+l day shall be allowed to hold ahead and in addition revise their bids on T+1 day as per the OFS tips.For retail traders, the provide will proceed to happen throughout buying and selling hours on a separate window of the inventory exchanges on T+l day, i.e., October 19.

Solely retail traders shall be allowed to put their bids on T+1 day. Additional, these non-retail traders who selected to hold ahead their unallotted bids to T+1 day shall be allowed to revise their bids on T+1 day.

About 10% of the provide is reserved for allocation to retail traders topic to the receipt of legitimate bids.

The allocation shall be made at or above the ground worth on a worth precedence foundation at a number of clearing costs, besides within the case of retail traders, who can have the choice to bid on the cut-off worth.

IDBI Capital Markets and SBICAP Securities are appearing because the brokers for the provide. On Monday, HUDCO shares closed 0.39% greater at Rs 89.92 on BSE.

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