Under the OFS, the government will offload seven crore equity shares, representing about 3.5% of equity with an oversubscription option of another 3.5%. Based on the base offer and oversubscription option, the government plans on selling up to 14.01 crore shares.
Non-retail investors can bid in the OFS today, i.e. Wednesday, while the offer for retail investors will open on Thursday, October 19.
About 10% of the offer is reserved for allocation to retail investors subject to the receipt of valid bids.
The allocation will be made at or above the floor price on a price priority basis at multiple clearing prices, except in the case of retail investors, who will have the option to bid at the cut-off price.
The offer price is at a 12% discount to Tuesday’s closing price of Rs 89.9 per share.
At 10.22 a.m., the scrip traded 8.9% lower at Rs 81.9 on BSE. However, on a YTD basis, the stock surged over 50%, while it has rallied nearly 130% in the past one year.Technically, the stock’s day RSI (14) is at 61.8. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. The day MACD (12, 26, 9) is at 4, which is above its Center Line, but below the signal line.
HUDCO’s shares are currently trading above their 50-day, 100-day, 150-day, and 200-day Simple Moving Averages (SMA), while below their 5-day, 10-day, 20-day, and 30-day SMA.
IDBI Capital Markets and SBICAP Securities are acting as the brokers for the offer.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price