Neyveli Lignite Corporation (NLC) has dipped 7% to Rs 49.20 after the government has offloaded 3.56% of its stake through the institutional placement programme (IPP) on Friday.
According to reports, there were no bidders other than the five public sector undertakings from Tamil Nadu- TIDCO, SIPCOT, TIIC, PFC and TUFIDCO.
Only three state government-backed institutions —TUFIDCO, PFC and TIIC — picked up the stake.
The government offloaded a little over 59.7 million shares in NLC under the IIP at a price band of 58-60 per share to meet Sebi's minimum public shareholding norms. The Centre's holding will now come down to the stipulated 90%.
The stock opened at Rs 53.55 and hit a low of Rs 48.65, its lowest level since December 2008, on NSE. A combined 142,087 shares changed hands on the counter till noon deals on NSE and BSE.
According to reports, there were no bidders other than the five public sector undertakings from Tamil Nadu- TIDCO, SIPCOT, TIIC, PFC and TUFIDCO.
Only three state government-backed institutions —TUFIDCO, PFC and TIIC — picked up the stake.
The government offloaded a little over 59.7 million shares in NLC under the IIP at a price band of 58-60 per share to meet Sebi's minimum public shareholding norms. The Centre's holding will now come down to the stipulated 90%.
The stock opened at Rs 53.55 and hit a low of Rs 48.65, its lowest level since December 2008, on NSE. A combined 142,087 shares changed hands on the counter till noon deals on NSE and BSE.