CMC''s cut-off price fixed at Rs 485
By Our Corporate Bureau | 03 Mar 2004
New Delhi: The cut-off price for the CMC public issue has been fixed of Rs 485 per share. Retail investors will be allotted the shares at Rs 460.75, a five per cent discount on the offer price of Rs 485.
The shares of CMC Ltd are currently being traded at about Rs 564 per sharet. The government has mopped up Rs 190 crore through the sale of its holding in CMC Ltd.
Out of the total offer, 50 per cent of the shares will be allocated to retail and non-institutional investors, while the remaining 50 per cent will be given to qualified institutional bidders. The process of actual allotment to investors started yesterday.
Out of the 50 per cent shares being allotted to retail and non-institutional investors, 25 per cent will be allotted to those retail investors who bid up to Rs 50,000, with the remaining going to retail investors bidding above Rs 50,000.