Indices at previous closing
Nifty50: 17,464 ▼33 (-0.1%)
Sensex: 58,568 ▼ 115 (-0.2%)
Nifty Bank: 36,373 ▲ 39 (+0.1%)
SGX Nifty: 17,446 ▼90 (-0.5%)^
For more updates on F&O, click here.
ONGC offer for sale oversubscribed
As per reports, the government's 1.5% stake sale in ONGC was fully subscribed, ensuring ₹3,000 crore to the exchequer. The floor price for the offer-for-sale (OFS) has been set at ₹159 per share. The OFS, which was opened on Thursday for retail investors, received bids for over 1.33 crore shares, which accounts for nearly 71% of the total issue of over 1.88 crore shares.
The unsubscribed part of retail investors will be given to institutional investors, who on Wednesday bid for shares worth ₹4,854 crore. They oversubscribed their portion by 3.57 times putting in bids for over 30.35 crore shares. Seeing the demand from institutional investors, the government decided to exercise the green-shoe option, taking the total issue size to 1.5% stake in the company.
Tejas Networks buys semiconductor firm
Shares of optical, broadband, and data networking products company Tejas Networks hit the 5% upper circuit after the company announced that it will acquire 64.4% stake in semiconductor maker Saankhya Labs. The Tata Group company purchased the stake for a consideration of ₹283.9 crore.
Tejas Networks said it plans to acquire the remaining 35.6% stake once it receives the necessary approvals. Saankhya Labs has 73 international patents. Its semiconductor products, which are used for cellular wireless and satellite communications, are deployed by Indian and international customers.
Hospital operator Yatharth files for IPO
Superspecialty hospitals operator Yatharth Hospital & Trauma Care Services has filed for an IPO with the market regulator SEBI. The IPO will comprise a ₹610 crore fresh issue and an offer for sale (OFS) of 65.51 lakh shares.
Meanwhile, the IPO of steel products maker Hariom Pipe Industries was subscribed more than 1.3 times at the end of Day 2. Click here to apply for this public issue on Upstox.
Fact of the day
Launched in December 2019, Saudi Arabian oil major Saudi Aramco's mammoth USD 29.4 billion IPO is by far the largest maiden offering of all time.
Source: Investopedia
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