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Govt raises Rs 710 cr by divesting 5% in NLC India

Offer for sale of 76.4 mn shares saw bids for 165 mn shares

BS Reporter  |  Mumbai 

NLC India stake sale
Logo of NLC India

The government has mopped up Rs 710 crore by divesting five per cent stake in NLC India, formerly Neyveli Lignite Corporation. The offer for sale (OFS) of 76.4 million shares saw bids for 165 million shares. The retail portion of the OFS saw three times oversubscription on Thursday.

A day earlier, the institutional portion of the share sale had seen two times oversubscription. Centre had set a floor price of Rs 94 for the OFS. Retail investors were offered a discount of 3.5 per cent. NLC India’s shares on Thursday closed at Rs 97.6, up 3.2 per cent.

First Published: Thu, October 26 2017. 17:09 IST