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NLC OFS: Non-retail portion oversubscribed 3.19 times

Govt approved disinvestment of 3% equity shares of NLCIL as base offer, with an option to retain oversubscription up to additional 2% equity shares

T E Narasimhan  |  Chennai 

NLC

Centre is expected to raise Rs 750 crore through offer for sale of 5% shares of Limited. Non-retail portion was oversubscribed by 3.19 times.

Post-disinvestment, the Government of India’s shareholding in NLC will come down to 84.32%.

Government approved disinvestment of 3% equity shares of NLCIL as base offer, with an option to retain oversubscription up to additional 2% equity shares. 

Trading for non-retail portion took place on October 25, 2017 at a floor price of Rs 94. Against the offer size of 36.7 million shares, bids were received for 116.3 million shares, resulting in oversubscription by 3.19 times. 

Government, accordingly, decided to retain the oversubscription by revising the total offer size from 3-5% of equity shares. 

Trading for retail category will take place on October 26, 2017. 

Retail investors are offered discount of 3.5 prt cent over cut-off price for non-retail category.

First Published: Wed, October 25 2017. 22:18 IST
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