The government will sell up to a 7 per cent stake in NLC India at a floor price of Rs 212 per share in a two-day offer for sale beginning Thursday. The Rs 2,000 crore OFS will open for institutional investors on Thursday and for retail investors on Monday. Friday is a market holiday on account of Maha Shivratri.
“Offer for sale in NLC India Limited opens tomorrow for non-retail investors. Retail investors can bid on Monday, 11th March. The government will divest 7 per cent equity including Green Shoe option of 2 per cent,” DIPAM Secretary Tuhin Kanta Pandey said on X. The government is selling over 9.7 crore shares at a floor price of Rs 212 apiece. If fully subscribed, including the green shoe option, the share sale would fetch about Rs 2,000 crore to the exchequer.
The floor price is at a discount of about 6.5 per cent over Wednesday’s closing share price of NLC on the BSE. Shares of NLC closed at Rs 226.70, up 0.31 per cent over the previous close on BSE.
So far in the Current fiscal, the government has realised Rs 12,609 crore through minority stake sales in CPSEs.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
first published: March 06, 2024, 19:29 IST
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
