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The government has received ₹471.5 crore from the sale of its residual stake in Paradeep Phosphates Ltd (PPL), Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on Monday.
Taking to Twitter, the DIPAM Secretary wrote, "Government of India received ₹471.5 crore as disinvestment proceeds from Paradeep Phosphates IPO through sale of GoI's residual stake."
The IPO of fertiliser company PPL was open from 17-19 May at a price band of ₹39-42 per share.
Shares of Paradeep Phosphates jumped 5% against its issue price of ₹42 in debut trade on Friday.
The stock got listed at ₹43.55, a jump of 3.69% against the issue price on the BSE. During the day, it jumped 12.5% to ₹47.25. Shares of the company finally settled at ₹43.95 apiece, a gain of 4.64%.
On the NSE, the stock made its debut at ₹44, up 4.76%. It ended at ₹44.10 apiece, higher by 5%.
Through the Initial Public Offering (IPO), the government offloaded its entire 19.55% stake in the company.
The IPO of Paradeep Phosphates was subscribed 1.75 times last week. It had a fresh issue aggregating up to ₹1,004 crore and an offer for sale of up to 11,85,07,493 equity shares.
Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.
Till now in the current financial year, the Centre has garnered ₹24,046 crore as disinvestment proceeds. This include ₹20,516 crore from LIC IPO, over ₹3,000 crore from ONGC share sale and ₹471 crore from share sale in PPL.