The share sale through an offer for sale
(OFS) will happen over two days beginning on Tuesday, an official said in New Delhi.
shares closed 2.5 per cent higher on the BSE
at Rs 173.55 apiece on Monday.
The official said the government will sell 5 per cent through OFS, with an option to retain another 5 per cent in case of over-subscription.
The floor price of Rs 168 is at a discount of 3 per cent over Monday's closing stock price.
The government has so far this fiscal raised over Rs 8,800 crore through disinvestment in six companies, including selling stake
in L&T through Specified Undertaking of Unit Trust of India (SUUTI), and one share buyback.
This is against Rs 72,500 crore targeted to be raised in 2017-18 through stake
sale in PSUs.
This includes Rs 46,500 crore from minority stake
sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from the listing of PSU insurance companies.