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Central Bank of India offer for sale subscribed 1.28x

Economic Times   Central Bank of India  

The government's offer for sale in Central Bank of India was subscribed 1.28 times. The government had proposed to divest up to an 8% stake, comprising a 4% base issue and an equivalent greenshoe option. The floor price for the OFS was set at INR 31 per share, a discount of about 8.6% of INR 33.91.Institutional investors placed bids for 76.86 crore shares against an offer size of 65.17 crore shares, a subscription of 1.17 times in that category. Against 7.24 crore shares reserved for the retail category, bids were received for about 1.02 crore shares; overall cumulative bids were 9.24 crore shares against the total offer size of 7.24 crore shares.