Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The government will offload a 7% interest in state-run lignite producer NLC India through an offer-for-sale (OFS), which includes a 2% green shoe option. Even if the 7% stake is sold at the stated floor price, it would generate approximately ₹2,058 crore.
The OFS is accessible to non-retail investors on Thursday, while retail investors can bid on March 11, according to Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management. The offer's floor price is ₹212 per equity share, a decrease from the company's closing price of ₹226.7 per share on the BSE on Wednesday.
The promoter (government) intends to sell up to 69,331,830 equity shares with a face value of ₹10 each, representing 5% of the total paid-up equity share capital to only non-retail investors on Thursday, according to a coal ministry filing with stock exchanges.
Additionally, the government proposes to sell 27,732,732 equity shares, representing another 2% stake, to retail investors and those non-retail ones who choose to carry forward their unallotted bids.
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