Nalco dips on fixing floor price for share sale at discount
The stock has tanked 12.4% in past two trading sessions after the government announced that it will offload up to 10% of its holding in the company through OFS route.
National Aluminium Company (Nalco) has dipped 8.4% to Rs 40.55 in early morning deals after the government has fixed a floor price of Rs 40 a share for share auction today. The price is at a nearly 10% discount to the Thursday’s closing price of Rs 44.25 on the Bombay Stock Exchange (BSE).
The stock of aluminum manufacturer’s has tanked 12.4% in past two trading sessions after the government announced that it will offload up to 257.8 million or 10% of its holding in the company through the offer for sale (OFS) route. The benchmark Sensex has gained 1.3% during the same period.
The government currently holds 87.15% stake in Nalco. In November last year, Nalco's disinvestment was deferred due to its below par performance in the July-September quarter.
The stock opened at Rs 41.90 and has seen a huge trading activity on the counter. As many as around 432,000 shares have already changed hands till 0925 hours against an average around 115,000 shares that were traded daily in past two weeks on BSE.
The stock of aluminum manufacturer’s has tanked 12.4% in past two trading sessions after the government announced that it will offload up to 257.8 million or 10% of its holding in the company through the offer for sale (OFS) route. The benchmark Sensex has gained 1.3% during the same period.
The government currently holds 87.15% stake in Nalco. In November last year, Nalco's disinvestment was deferred due to its below par performance in the July-September quarter.
The stock opened at Rs 41.90 and has seen a huge trading activity on the counter. As many as around 432,000 shares have already changed hands till 0925 hours against an average around 115,000 shares that were traded daily in past two weeks on BSE.