 "Nalco falls over 5% as stake sale begins")
National Aluminium Company (Nalco) dipped 7% to Rs 68.30 on BSE in early morning trade after the government stake sale of up to 10% in the aluminium company through an offer for sale (OFS) begins today.
The company has fixed floor price of Rs 67 for the OFS. The floor price is 8.8% lower against Tuesday closing price of Rs 73.45 on BSE.
“The promoters (the government owns 74.58% and the rest are with the public) will sell 5% aggregating 96.7 million equity shares with an additional option to sell up to 96.6 million shares (5%) equity shares of the Company, through OFS on Wednesday,” Nalco said in a BSE filing.
The offer will open on Wednesday for non-retail investors and Thursday for retail investors, it added.
At 9:21 am; the stock was down 6% at Rs 68.85 as compared to 0.05% decline in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.
The company has fixed floor price of Rs 67 for the OFS. The floor price is 8.8% lower against Tuesday closing price of Rs 73.45 on BSE.
“The promoters (the government owns 74.58% and the rest are with the public) will sell 5% aggregating 96.7 million equity shares with an additional option to sell up to 96.6 million shares (5%) equity shares of the Company, through OFS on Wednesday,” Nalco said in a BSE filing.
The offer will open on Wednesday for non-retail investors and Thursday for retail investors, it added.
At 9:21 am; the stock was down 6% at Rs 68.85 as compared to 0.05% decline in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.
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