The Government of India has announced plans to sell its 7% stake in NLC India, formerly known as Neyveli Lignite Corp, through an Offer for Sale (OFS). The move aims to raise between Rs 2,000 crore and Rs 2,100 crore, contributing to the government's disinvestment targets.
stake sale details
- The offer comprises a base offer of over 6.9 crore shares at a floor price of Rs 212 per share, representing 5% of the equity of NLC India.
- An additional 2% stake, equivalent to 2.77 crore shares, can be disinvested through the greenshoe option.
broker and facility
- ICICI Securities and DAM Capital Advisors have been appointed as brokers to facilitate the stake sale.
company background
- NLC India, a Navratna company under the Ministry of Coal, primarily operates in mining and power generation.
- As of December 2023, the central government holds 79.2% stake in NLC India, which is more than the maximum permissible limit as per SEBI rules.