Nalco falls ahead of share sale
The government, which holds 87.15% in the company, is likely to offer a 5% stake with an option to sell 5% more on March 15.
National Aluminium Company (Nalco) is trading lower by 3.2% at Rs 44.80 on the Bombay Stock Exchange (BSE) ahead of the government’s stake sale plan via Offer for Sale (OFS) route on Friday. The government, which holds 87.15% in the company, is likely to offer a 5% stake with an option to sell 5% more on March 15.
“The promoter proposes to sell 128.86 million equity shares of the face value of Rs 5 each with an option to sell an additional 128.86 million, collectively aggregating to approximately 10% of the total paid up equity share capital of the Company on March 15, 2013,” the state-owned aluminium producer said in a regulatory filing.
Meanwhile, a Reuters report suggests that the shares are likely to be auctioned at a base price of Rs 40 each, a discount of about 13% to Wednesday's closing price of Rs 46.10, quoting government official.
The stock opened at Rs 44.85 and hit a low of Rs 43.80 on BSE. Around 105,000 shares have changed hands on the counter in morning deals.
“The promoter proposes to sell 128.86 million equity shares of the face value of Rs 5 each with an option to sell an additional 128.86 million, collectively aggregating to approximately 10% of the total paid up equity share capital of the Company on March 15, 2013,” the state-owned aluminium producer said in a regulatory filing.
Meanwhile, a Reuters report suggests that the shares are likely to be auctioned at a base price of Rs 40 each, a discount of about 13% to Wednesday's closing price of Rs 46.10, quoting government official.
The stock opened at Rs 44.85 and hit a low of Rs 43.80 on BSE. Around 105,000 shares have changed hands on the counter in morning deals.