The government’s 5 per cent stake sale in NLC India was a big hit too among retail investors, which saw the portion reserved for them oversubscribed by 2.90 times. The share sale is expected to fetch over Rs 750 crore to the exchequer. Institutional investors yesterday bid for 3.19 times the shares fixed for them in the offer for sale (OFS). The share sale opened for retail investors today and the quota got oversubscribed 2.90 times.
The government, through the two-day OFS, sold 5 per cent stake in NLC (formerly Neyveli Lignite Corporation) at a floor price of Rs 94 per share. Post-disinvestment, the government’s stake in NLC will come down to 84.32 per cent. The government has already raised over Rs 19,000 crore through minority stake sale in PSUs in the current fiscal. It looks to raise Rs 72,500 crore through PSU stake sale, including strategic sale and listing of insurance PSUs, in 2017-18