The OFS opened on Thursday (14 January 2021) for non-retail investors, while both retail as well as non-retail investors were allowed to bid on Friday (15 January 2021).The Government of India initially offered to sell 20,65,26,264 shares, constituting 5% paid-up share capital of the company, through the OFS. The floor price for the OFS was set at Rs 64 per shares, at a 14.2% discount to SAIL s closing price of Rs 74.70 on Wednesday, 13 January 2021.
On Thursday (T day), the OFS received subscription for 74,74,60,041 shares or 413% against the base non-retail offer size of 18,07,10,481 shares.
Following the strong response on T day, the government decided to exercise the oversubscription option of 20,65,26,264 equity shares (5% equity) in addition to the base offer. Accordingly, the final share sale was 41,30,52,528 shares, which aggregates to Rs 2,664 crore, constituting 10% of the paid-up equity share capital of SAIL.