New Delhi, Mar 06: The government today decided to price its 20 per cent equity in Dredging Corporation of India (DCI) at Rs 400 per share, mopping Rs 221 crore from the sale. Among the applicants, retail investors will get 50 per cent of the shares on offer while qualified institutional investors will also get 50 per cent shares.

The issue price is at 32 per cent discount to the today's closing price of the dredging corporation scrip at the Bombay Stock Exchange (BSE). Today, DCI shares closed at Rs 588.70 up 20 per cent, the maximum permissible limit. Over and above that, retail investors will get additional five per cent discount on the issue price.

The government had set a price band of Rs 380-400 for the bids to the public offer of Dredging Corporation. The offer was oversubscribed 18 times, the government receiving bids for 10 crore equity shares as against the issue size of 56 lakh equity shares.

Bureau Report