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The Economic Times

Business

Akash Podishetti

NLC India shares fall 3% as OFS worth up to Rs 1,263 crore opens

NLC India OFS India

The shares of NLC India declined 3% to Rs 327 on the BSE on Tuesday as the government is set to launch an offer for sale (OFS) to divest up to a 3% stake worth Rs 1,263 crore in the Navratna PSU company today.

The government has fixed the floor price at Rs 303 per share, a discount to the stock's previous closing price. Based on the floor price, the government stands to raise about Rs 842 crore through the base offer. If the greenshoe option is fully exercised, the total issue size could increase to around Rs 1,263 crore.

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