📈 NLC Share Price Update: Government to Launch Offer for Sale on 7th March
On 7th March, the Government of India will launch an Offer for Sale in NLC India Limited. Under this offer, the government will sell 7% of the company’s shares, with 2% available under the green shoe option. This means that the government will first sell 5% of its stake, and if there is more demand, an additional 2% will be sold.
The company has informed the stock markets that the government will sell the first 5% stake, or 6,93,31,830 shares. In case of demand, an additional 2% of shares, or 27,732,732, can be sold. The minimum price for the sale offer has been set at Rs. 212 per share. More than 69 million shares with a face value of Rs. 10 will be sold through a proposal for sale.
The sale offer will open on 7th March for institutional investors, with retail investors able to participate on 11th March. The market will be closed on 8th March for Mahashivratri. After the OFS launch, the government’s stake in the company will be reduced to less than 75% from the current 79.2%.
ICICI Securities Limited and IDBI Capital Advisors are working as intermediaries for the sale proposal. If the OFS is fully subscribed, the government will receive Rs. 2,000 crore from this sale.
NLC India Limited’s shares were trading at Rs. 226 at the time of market closure on Wednesday. The company has provided returns of 60% in the last 6 months and 175% in the last year. NLC India Limited has traded at a high of Rs. 293.75 and a low of Rs. 69.70 in the past 52 weeks.
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