HZL’s OFS Over-Subscribed

New Delhi: The government’s offer-for-sale for more than 4.75 crore shares to institutional investors got over-subscribed before the close of market hours on Wednesday with institutional buyers putting in close to Rs 3,400-crore worth bids. Institutional investors put in bids for over 6.69 crore shares, which is 1.4 times the 4.75 crore shares on offer for them. The issue will open for retail investors on Thursday. Through the two-day OFS, the government is selling over 5.28 crore shares, or 1.25 per cent stake, with a greenshoe option to retain additional subscription of a similar amount. Institutional investors on Wednesday put in bids for over 6.69 crore HZL shares at an indicative price of Rs 505.51 a share as of 1530 hours, against more than 4.75 crore shares reserved for them.