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Firms raise Rs 39,000 cr via offer for sale route

New Delhi, Feb 10, 2013, PTI 23:39 IST
The OFS (Offer For Sale) mechanism has emerged as a preferred option for promoters to reduce their stake in their respective companies, with 22 companies using it to raise about Rs 39,000 crore since its launch about a year ago.

The companies that have tapped the OFS route this year include public sector giants like NTPC and Oil India, both of which managed to elicit impressive investor interest.

Among these companies, the largest was the Rs 12,666-crore issue by energy company ONGC in March, 2012.

The OFS method allows companies to sell shares in the stock market through a one-day auction process.

It was introduced by Sebi early last year to help companies meet minimum public shareholding limits. Sebi created two new routes, Institutional Placement Programme (IPP) and OFS.

So far, only two companies have opted for IPPs.

Firms that tapped OFS last year include Wipro, Adani Power, Jaiprakash Power Ventures, DB Corp, Muthoot Cap, Sical Logistics, Reliance Power, NMDC, Hindustan Copper, Pioneer Distilleries and Eros International.

Among these, all issues were fully-subscribed, except Wipro and Pioneer Distilleries.

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