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D.B. Corp's offer-for-sale sails through

May 10, 2012

Media-conglomerate D.B. Corp's offer for sale that opened on Thursday met with a good response. Ninety lakh shares were offered at a floor price of Rs 196 per share. The offer for sale was open for only one day.

"This is the first successful issue for an offer for sale since the ONGC and Wipro issues," said Mr Arun Kejriwal, Founder, KRIS Research. The ONGC and Wipro offer for sale had barely scraped through. Only 71 per cent of the 3.5 crore shares on offer by Wipro were subscribed, while ONGC's offer for sale was salvaged by LIC's purchase of shares worth Rs 11,000 crore.

Bids were received for 93.09 lakh shares at Rs196 a share. "The response to the offer was encouraging. It saw more of HNI and institutional investors than retail participants," said Mr Sudip Bandyopadhyay, Managing Director and CEO of Destimoney Securities.

The offer for sale was initiated by one of the company's promoters Ms Jyoti Agarwal, who offloaded 90 lakh shares. Her stake prior to this was 10.84 per cent and would come down to 5.93 per cent post the sale.

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