The government will offload a 7% stake in state-run lignite producer NLC India through the offer-for-sale (OFS) route, which includes a green shoe option of 2%, a top official said on Wednesday.
It would rake in about ₹2,058 crore even if it offloads the 7% stake at the floor price set for this sale.
The OFS opens on Thursday for non-retail investors, while retail ones can bid on March 11, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said in a post on X (formerly Twitter).
The floor price for the offer is set at ₹212 per equity share at a discount to the closing price of the company’s share (₹ 226.7 apiece) on the BSE on Wednesday.
The promoter (government) intends to sell up to 69,331,830 equity shares with a face value of Rs 10 each, representing 5% of the total paid-up equity share capital to only non-retail investors on Thursday, according to a coal ministry filing with stock exchanges.
Additionally, the government proposes to sell 27,732,732 equity shares, representing another 2% stake, to retail investors and those non-retail ones who choose to carry forward their unallotted bids.
