The government’s 5 percent stake sale in NLC India got oversubscribed 2.10 times on the final day and the government is likely to raise Rs 750 crore through the disinvestment.
On the last day of the offer for sale (OFS), the portion reserved for retail investors was subscribed 2.90 times. These investors bid at Rs 94.60 a share, which was a discount of 3.5 percent over the cut-off price. Institutional investors bid for 3.19 times the NLC shares fixed for them in the OFS, following which the government decided to exercise the green-shoe option.
NLC India is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines.
