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Nalco tumbles as Govt to offload stake via OFS

Capital Market 

Company slumped 5.65% to Rs 69.30 at 9:48 on amid the start of the two-day offer for sale of by the to sell its 10% stake in the company today, 19 April 2017.

Meanwhile, the S&P Sensex was down 15.64 points or 0.05% at 29,303.46.

On the BSE, 4.07 lakh were traded on the counter so far as against the average daily volumes of 3.81 lakh in the past one quarter. The stock had hit a high of Rs 69.30 and a low of Rs 68.30 so far during the day.

The stock had hit a 52-week high of Rs 79.85 on 7 March 2017 and a 52-week low of Rs 40.25 on 20 May 2016. It had outperformed the market over the past one month till 18 April 2017, sliding 0.41% compared with the Sensex's 1.11% fall. The scrip had, however, underperformed the market over the past one quarter, advancing 1.38% as against the Sensex's 7.56% rise.

The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.

Company's (Nalco) promoter, the of India (GoI) is selling up to 9.66 crore equity shares of the company, representing 5% stake with an additional option to sell up to 5% stake in the company in two trading sessions via offer for sale (OFS). The OFS for non-retail investors started today, 19 April 2017 and for retail investors and non-retail investors who choose to carry forward their un-allotted bids, the OFS takes place tomorrow, 20 April 2017. The two-day OFS takes place through a separate, designated window on the stock exchanges.

The GoI held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.

The floor price for the OFS was fixed at Rs 67 per share. Retail investors will be allocated offer shares at a discount of 5% to the cut off price. The floor price is at a discount of 8.78% compared to the stock's closing price of Rs 73.45 yesterday, 18 April 2017.

Nalco's net profit declined 2.7% to Rs 143.92 crore on 13.9% growth in net sales to Rs 1963.81 crore in Q3 December 2016 over Q3 December 2015.

State-run Nalco has integrated and diversified operations in mining, metal and power.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 19 2017. 09:50 IST