Govt to sell 5% stake in NLC at Rs 94 per share, may fetch Rs 800 cr

The 5% stake sale would fetch about Rs 800 crore to the exchequer

NLC

The Centre will sell up to 5 per cent stake in NLC India Ltd (NLCIL), formerly Neyveli Lignite Corporation (NLC). The company comes under Ministry of Coal.

The 5 per cent stake sale would fetch about Rs 800 crore to the exchequer.

Floor price fixed at Rs 94 a share and it will be sold through a two-day offer for sale (OFS) beginning Wednesday.

Centre plans to sell three per cent in NLCIL, with a green-shoe option to sell another two per cent in the OFS.

The issue will open for institutional buyers on Wednesday, NLCIL said in a regulatory filing with stock exchanges.

For retail investors, the issue will open on October 26 and will get a further discount of 3.5 per cent.