NTPC hits seven-month low

The government propose to offload its 9.5% stake in the company through the offer for sale (OFS) route opens today.

NTPC is trading lower by 1.6% to Rs 150, extending its previous day’s 2.1% fall, after the government propose to offload its 9.5% stake in the company through the offer for sale (OFS) route.

The stock opened at Rs 149.45 and hit a low of Rs 149, its lowest level since June 20, 2012 on BSE. A combined 6.28 million shares have changed hands on the counter so far on both the exchanges.

The OFS is expected to raise close to Rs 11,350 crore at the floor price of Rs 145 per share. After this OFS, the government’s stake in the company would come down from 84.5% to 75%.