Govt to sell up to 5% in NLC

India Infoline News Service | Mumbai | October 24, 2017 17:10 IST

The government will sell up to 5% stake at a floor price of Rs 94 a piece in Neyveli Lignite (NLC) through a two-day offer for sale beginning tomorrow, as per media report. The issue will open for institutional buyers on Wednesday.

High angle view of two business executives working at the stock exchange
The government will sell up to 5% stake at a floor price of Rs 94 a piece in Neyveli Lignite (NLC) through a two-day offer for sale beginning tomorrow, as per media report. The issue will open for institutional buyers on Wednesday.

The government is selling 3% in NLC, with a green-shoe option to sell another 2% in the OFS, the official said.

The government targets to raise Rs 72,500 crore through PSU stake sale, including strategic sale and listing of insurance PSUs, in the current fiscal.

Stock view:

NLC India Ltd ended at Rs 95.75, up by Rs 0.45 or 0.47% from its previous closing of Rs 95.3 on the BSE.

The scrip opened at Rs 95.3 and touched a high and low of Rs 97.4 and Rs 95 respectively. The stock traded above its 200 DMA.

***Note: This is a NSE Chart

 

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