Last Updated: March 07, 2024, 10:26 IST
NLC India experiences a 3% drop in share value following the federal government’s stake sale announcement.
According to an alternate submitting, the federal government will promote 5% shareholding in NLC India, with an choice to moreover promote one other 2%
NLC India Stake Sale: Shares of NLC India fell practically 3 per cent at open after it was introduced that the federal government was planning to promote as much as 7 per cent stake in NLC India through a proposal on the market from March 7 to 11.
According to an alternate submitting, the federal government will promote 5 per cent shareholding in NLC India (base provide measurement), with an choice to moreover promote one other 2 % shares through provide-for-sale. The provide-for-sale shall be opened for non-retail buyers on March 7 and for retail buyers on March 11 with a flooring value of Rs 212 per share. Through the sale, the federal government goals to boost as much as Rs 2,000 crore-Rs 2,100 crore
The flooring value for the OFS has been set at Rs 212 per share. A complete of over 69 million shares of the corporate with a face worth of Rs 10 every are up for grabs. An extra 27 million shares shall be out there beneath the greenshoe possibility.
The subject is scheduled to open for institutional buyers on Thursday, March 7, with retail buyers having the chance to take part on Monday, March 11. The market will stay shut on Friday, March 8 on account of Mahashivratri.
The authorities holds a majority stake of 79.2 per cent within the NLC. With the launch of the OFS tomorrow, the federal government’s possession within the firm is anticipated to cut back beneath the 75 per cent threshold, aligning with regulatory necessities and making certain compliance with Minimum Public Shareholding (MPS) norms.
ICICI Securities Ltd and DAM Capital Advisors Ltd are the brokers on behalf of the federal government.
For Q3FY24, NLC India reported a consolidated internet revenue of Rs 250.4 crore in opposition to a lack of Rs 406.7 crore within the earlier fiscal. Consolidated income from operations for a similar interval fell 14 per cent to Rs 3,164.4 crore. EBITDA fell 33.5 per cent to Rs 904.7 crore from Rs 1,359.7 crore within the earlier fiscal.
