Neyveli Lignite Corporation is trading lower by 3% at Rs 58.20 on reports that the government is planning to offload 5% of its stake in the company through offer-for-sale.
The stock opened at Rs 58.85 and hit a 52-week low of Rs 57.20 on NSE. A combined 43,774 shares have changed hands on the counter till 1326 hours on NSE and BSE.
Market experts believe that the government may offer shares at discount to current price like in past issues.
“The Cabinet will take up the proposal to sell government's 5% stake in Neyveli Lignite, which is likely to help raise over Rs 460 crore,” the PTI report suggests.
The market regulator, the Securities and Exchange Board of India (Sebi) has set a deadline of August 2013 for all listed central public sector units to have a minimum 10% public shareholding.
The government currently holds 93.56% stake in Neyveli Lignite.
The stock opened at Rs 58.85 and hit a 52-week low of Rs 57.20 on NSE. A combined 43,774 shares have changed hands on the counter till 1326 hours on NSE and BSE.
Market experts believe that the government may offer shares at discount to current price like in past issues.
“The Cabinet will take up the proposal to sell government's 5% stake in Neyveli Lignite, which is likely to help raise over Rs 460 crore,” the PTI report suggests.
The market regulator, the Securities and Exchange Board of India (Sebi) has set a deadline of August 2013 for all listed central public sector units to have a minimum 10% public shareholding.
The government currently holds 93.56% stake in Neyveli Lignite.
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