Centre to raise Rs 750 cr through disinvestment of NLCIL shares

New Delhi [India], October 25 (ANI): The Government of India is likely to raise Rs 750 crore through the disinvestment of five percent paid-up equity shares of state-owned NLC India Limited (NLCIL) through Offer for Sale (OFS) mechanism, thereby reducing its shareholding in the company to 84.32 percent.

The Centre approved the disinvestment of three percent equity shares of NLCIL as a base offer, with an option to retain over-subscription up to an additional two percent, an official release from the Ministry of Finance noted.

Trading for non-retail portion took place earlier in the day at a floor price of Rs 94.

Against the offer size of 3.67 crore shares, bids were received for 11.63 crore shares, resulting in an over-subscription by 3.19 times.

The government, thereafter, decided to retain the over-subscription by revising the total offer size from three to five percent of equity shares.

On a related note, the trading for the retail category will take place on Thursday.

It has been proposed that retail investors be offered a discount of 3.5 percent over a cut-off price for the non-retail category.(ANI)

This story has not been edited. It has been published as provided by ANI