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Reports: Indian government sale of RCF stake oversubscribed

8:02 AM MST | March 8, 2013 | Francinia Protti-Alvarez

The auction of a 12.5% of worth of shares in Rashtriya Chemicals and Fertilisers (RCF; Mumbai) by the Indian government closed today, raising some 3.1 billion Indian rupees ($56.76 million), according to a report from the Wall Street Journal. The auction of 68.98 million shares was oversubscribed the reported added, receiving bids for 88.97 million shares. The average bid price came around at Rs45.02, slightly above the minimum RS45/share set by the government. Following the auction, which was announced earlier this week, the goverment's take in RCF stands...

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