National Aluminium Company (Nalco) dipped 7% to Rs 68.30 on BSE in early morning trade after the government stake sale of up to 10% in the aluminium company through an offer for sale (OFS) begins today.
The company has fixed floor price of Rs 67 for the OFS. The floor price is 8.8% lower against Tuesday closing price of Rs 73.45 on BSE.
“The promoters (the government owns 74.58% and the rest are with the public) will sell 5% aggregating 96.7 million equity shares with an additional option to sell up to 96.6 million shares (5%) equity shares of the Company, through OFS on Wednesday,” Nalco said in a BSE filing.
The offer will open on Wednesday for non-retail investors and Thursday for retail investors, it added.
At 9:21 am; the stock was down 6% at Rs 68.85 as compared to 0.05% decline in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.
