FIs, banks get 60% of Concor

ENS ECONOMIC BUREAU

MUMBAI, Nov 17: Indian financial institutions and banks have garnered more than 60 per cent of the disinvestment of 90 lakh Container Corporation of India (Concor) shares while the rest is being shared by mutual funds, FIIs and smaller banks.

The issue of 90 lakh was launched with the book-building method and was priced at Rs 250 for each share. State Bank of India (SBI) has been allocated 20 lakh shares worth Rs 50 crore of Concor in the recent disinvestment of the company. The issue targeted to raise about Rs 225 crore was over-subscribed by over two-and-a-half times fuelled mainly by subscription from Indian banks and FIs.

The government sold nine million shares of which four million were new shares issued by the company. With this disinvestment, the government's stake will come down from over 77 per cent to 63 per cent.

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