Nalco floor price fixed at Rs40 per share
14 Mar 2013
The government has fixed the base price for sale of a 10-per cent stake in National Aluminium Company Ltd (Nalco) at Rs40 per share, a nearly 10 per cent discount to the ruling price of the stock.
The government would now sell up to 10 per cent of the paid-up equity of Nalco or about 25,77,23,850 shares against the 12,88,61,925 shares, amounting to about five per cent stake in the company, announced earlier.
''The government proposes to sell 12,88,61,925 equity shares of the face value of Rs5 each with an option to sell an additional 12,88,61,925 shares of Rs5 each aggregating to 10 per cent of the total paid-up equity capital of the company as of 15 March 2013,'' the mines ministry said in a filing with the stock exchanges.
The offer for sale (OFS) is scheduled to be held tomorrow through a special window on BSE and NSE and the stake sale is expected to fetch a minimum Rs1,031 crore to the government.
''With reference to the earlier announcement dated March 13, 2013 regarding offer for sale of shares by promoter, the President of India, acting through and represented by the ministry of mines …….has now informed BSE that the floor price for the sale in terms of the SEBI OFS circulars shall be Rs40 per equity share of National Aluminium Company Limited (floor price), Nalco said in a stock exchange filing.
Though an announcement on the sale of stake in Nalco was made yesterday, the decision on the base price for the share sale was made today.
