Federal-Mogul OFS gets tepid response

The non-retail portion of Federal-Mogul Goetze (India) Ltd’s offer-for-sale by its promoter IEH FMGI Holdings LLC has received lacklustre response, as the offer was subscribed just 0.17 per cent. Of the 1.04 core shares on offer, the company received bids for just 17,681 shares, according BSE data. Bids were received at an indicative price of ₹336.90 while the company had set the floor price at ₹335. The OFS will be opened on Friday for both retail and non-retail investors, who can choose to carry forward their bids. The stock on Tuesday closed 5 per cent lower at ₹331.40 on the BSE.