NLC India falls 3% as government announces plans to sell 7% stake via open offer

The base offer for NLC India will comprise the sale of around 6.93 crore equity shares, whereas, the greenshoe option will comprise 2.77 crore shares.

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Shares of NLC India fell nearly 3 percent at open after it was announced that the government was planning to sell up to 7 percent stake in NLC India via offer for sale from March 7 to 11. At 9:20 am, the stock was trading at Rs 219.60. NLC India is a Navratna Public Sector Enterprise under the Ministry of Coal and is involved in lignite production and thermal and renewable energy generation.

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According to an exchange filing, the government will sell 5 percent shareholding in NLC India (base offer size), with an option to additionally sell another 2 percent shares via offer-for-sale. The offer-for-sale will be opened for non-retail investors on March 7 and for retail investors on March 11 with a floor price of Rs 212 per share. Through the sale, the government aims to raise up to Rs 2,000 crore-Rs 2,100 crore

Also read: Govt to sell up to 7% stake in NLC India via OFS to raise up to Rs 2,100 cr

The base offer will comprise the sale of around 6.93 crore equity shares, whereas, the greenshoe option will comprise 2.77 crore shares

For Q3FY24, NLC India reported a consolidated net profit of Rs 250.4 crore against a loss of Rs 406.7 crore in the previous fiscal. Consolidated revenue from operations for the same period fell 14 percent to Rs 3,164.4 crore. EBITDA fell 33.5 percent to Rs 904.7 crore from Rs 1,359.7 crore in the previous fiscal.

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