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Govt to divest up to 7% stake in NLC via OFS
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Govt to divest up to 7% stake in NLC via OFS

| @indiablooms | 06 Mar 2024, 11:06 pm

New Delhi: The government plans to divest up to 7 percent of its stake in NLC India through an offer for sale (OFS), aiming to raise between Rs 2,000 crore and Rs 2,100 crore, media reports said.

The government plans to initially sell up to 5 percent of its holding in the state-owned company, with the provision to exercise a greenshoe option to divest an additional 2 percent, reported Moneycontrol.

The primary offer will consist of approximately 6.93 crore equity shares, while the greenshoe option will involve 2.77 crore shares.

"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% equity including Green Shoe option of 2%," Secretary, DIPAM posted on social media.

NLC India disclosed in a regulatory filing that the floor price for the OFS has been set at Rs 212 per share.

ICICI Securities and DAM Capital Advisors have been appointed as the brokers for facilitating the deal.

According to the shareholding pattern of the company, as of December 2023, the central government maintains a stake of 79.2 percent in the company. It's worth noting that SEBI (Securities and Exchange Board of India) regulations permit promoters of a listed company to possess a maximum stake of 75 percent.

NLC India is classified as a Navratna company under the Ministry of Coal. Its primary focus lies in mining and power generation, constituting the core of its business operations.

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