government has got 471.5 crore from the sale of his residual stake in Paradip Phosphates Ltd (PPL), Secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey said on Monday.
Taking to Twitter, DIPAM Secretary wrote, “Govt of India has received 471.5 crore as disinvestment proceeds from Paradip Phosphates IPO through sale of balance stake of Government of India.
Fertilizer company PPL’s IPO was open on the price band from 17-19 May 39-42 per share.
Shares of Paradip Phosphate jumped 5% against the issue price 42 in debut trade on Friday.
listed on stock 43.55, a jump of 3.69% over the issue price on BSE. During the day, it jumped 12.5 percent 47.25 The Company’s Shares Are Finally Settled 43.95 each, a gain of 4.64%.
On NSE, the stock made its debut 44, up 4.76%. it ended 44.10 each, 5% more.
The government sold its entire 19.55% stake in the company through an initial public offering (IPO).
The IPO of Paradip Phosphates was subscribed 1.75 times last week. There was a fresh issue in this which was gathering till 1,004 crore and offer for sale of 11,85,07,493 equity shares.
Paradip Phosphate is primarily engaged in manufacturing, trading, distributing and selling various types of complex fertilizers like Di-Ammonium Phosphate (DAP) and NPK fertilizers.
So far in the current financial year, the center has raised earnings 24,046 crore as disinvestment proceeds. it includes 20,516 crore, more than LIC IPO 3,000 crore more from ONGC share sale 471 crore from share sale in PPL.