Govt to divest up to 10% stake in Nalco via OFS tomorrow, issue price set at Rs 67
Barely 15 days into the new financial year, the government on Tuesday announced the first share sale.
The government plans to divest up to 10 per cent of its holding in Nalco via an offer for sale on Wednesday.
The share sale is expected to raise Rs 1,350 crore for the government kitty.
The issue price has been set at Rs 67 a share.
Nalco shares on Tuesday ended nearly 2 per cent higher at Rs 73, just Rs 6 shy of its 52-week high level of Rs 79.85. The OFS announcement came after market hours.
As of March end, the government held 74.58 per cent stake in Nalco, with the remaining 25.42 per cent with the public.
In his Union Budget for FY18 unveiled early February, Finance Minister Arun Jaitley had set the disinvestment target for the year at Rs 72,500 crore. The government also plans to list three railway sector PSUs during the year.
The Finance Ministry is already scouting for merchant bankers to manage the initial public offer (IPO) of two rail engineering firms RITES and RVNL.
The government plans to divest up to 10 per cent of its holding in Nalco via an offer for sale on Wednesday.
The share sale is expected to raise Rs 1,350 crore for the government kitty.
The issue price has been set at Rs 67 a share.
Nalco shares on Tuesday ended nearly 2 per cent higher at Rs 73, just Rs 6 shy of its 52-week high level of Rs 79.85. The OFS announcement came after market hours.
As of March end, the government held 74.58 per cent stake in Nalco, with the remaining 25.42 per cent with the public.
In his Union Budget for FY18 unveiled early February, Finance Minister Arun Jaitley had set the disinvestment target for the year at Rs 72,500 crore. The government also plans to list three railway sector PSUs during the year.
The Finance Ministry is already scouting for merchant bankers to manage the initial public offer (IPO) of two rail engineering firms RITES and RVNL.
