Through the OFS, the Government of India initially proposed to sell up to 11,01,04,500 equity shares (representing 5.5% stake). The Government of India held 89.81% stake in HUDCO as of 30 June 2021.
The floor price for the OFS is Rs 45 per equity share, at a 4.66% discount to HUDCO's closing price of Rs 47.20 recorded on the BSE on Monday, 27 July 2021.
The OFS opened on Tuesday (27 July 2021) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Wednesday (28 July 2021). A total of 10% of the offer size is reserved for retail investors.
On Tuesday (T day), the OFS received subscription for 19,40,90,506 shares or 195.86% against the base non-retail offer size of 9,90,94,050 shares.
Following the strong response on T day, the government decided to exercise the oversubscription option of 5,00,47,500 shares (2.5% equity) in addition to the base offer.
Accordingly, the final share sale was 16,01,52,000 shares, constituting 8% of the paid-up equity share capital of HUDCO.
As on 15:30 IST on Wednesday (T+1 day), the OFS received total bids for 4,63,90,996 shares or 289.67% of the enhanced total retail offer size of 1,60,15,200 shares.
The retail segment received bids for 29,45,472 shares or 18.39% of the total retail offer size.
The non-retail segment received bids for 4,34,45,524 shares or 271.28% of the total retail offer size.
Government backed-HUDCO is a premier techno-financing public sector enterprise and is engaged in the field of housing and infrastructure development in India.
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