NLC India gains 2% on reports of likely OFS

India Infoline News Service | Mumbai | September 06, 2017 11:45 IST

The stock of NLC India (formerly Neyveli Lignite Corporation Limited) advanced 2% during Wednesday’s trade on the BSE, on media reports of a likely OFS by the end of the month.

The stock of NLC India (formerly Neyveli Lignite Corporation Limited) advanced 2% during Wednesday’s trade on the BSE, on media reports of a likely OFS by the end of the month.
 
According to media reports, the government may come out with an offer for sale (OFS), selling Rs 2,500 crore or 15% of company shares this month. As of June 30, the government held 89.32% stake in the company. The move will cut the government stake in the company to below desired 75%.
 
NLC India was trading at Rs 101.25 per share, up by Rs 1.25 or 1.25% as at 1111 hours on Wednesday, on the BSE. The stock hit its intraday high and low of Rs 102 and Rs 98, respectively. It attracted a traded volume of 1,56,748 shares and traded value of Rs 157.53 lakh on the NSE.
 
NLC India Limited is engaged in the power business. The company's segments are Lignite Mining and Power Generation.

***Note: This is a NSE Chart

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