The government will sell up to 3% stake in state-owned NLC India Ltd through an offer for sale (OFS), with the floor price set at Rs 303 per share, about 10% lower than the stock’s closing price on Monday.According to PTI, the OFS for non-retail investors will open on Tuesday, while retail investors can place bids on June 10.“The Government of India has announced an OFS in NLC India Limited (formerly Neyveli Lignite Corporation) with a base offer of 2 per cent of its equity and an additional 1 per cent green shoe option in case of oversubscription,” Arunish Chawla, Secretary, Department of Investment and Public Asset Management (DIPAM) said on Thursday.The floor price of Rs 303 per share represents a discount of 9.73% to NLC India’s closing price of Rs 335.65 on the BSE on Monday.The stake sale is part of the Centre’s ongoing disinvestment program which aims to raise resources through minority stake sale in public sector enterprises.Chawla said, with strong operational and financial performance, consistent returns and attractive dividends, NLC continues to offer an attractive long-term investment opportunity.The government has already raised Rs 12,166 crore through PSU stake sale in the current financial year.These include Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC and Rs 2,266 crore from Central Bank of India.
