Home/ Market / Stock-market-news/  3M India’s offer for sale subscribed more than two times

Mumbai: The Indian unit of US-based industrial and consumer goods maker 3M Co. on Thursday attracted demand for more than two times the shares it offered for sale to investors, data on the Bombay Stock Exchange showed.

A late surge of buying saw investors ordering 242,195 shares compared with the 113,198 shares that 3M India had offered for sale after lean demand in the early hours of trading. The floor price was set at 3,300.

The sale was aimed at meeting the minimum public shareholding limit of 25% by June, set by the stock market regulator Securities and Exchange Board of India.

3M India Ltd shares rose 1.1% to 3,501.90 while the 30-share benchmark S&P BSE Sensex closed 0.5% lower at 18,792.87 points.

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Updated: 21 Mar 2013, 05:59 PM IST
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