The government of India has announced plans to sell up to 7% of its stake in NLC India, formerly known as Neyveli Lignite Corp, through an Offer for Sale (OFS). This move aims to raise between Rs 2,000 crore and Rs 2,100 crore, contributing to the government’s disinvestment goals.
Stake Sale Details
- The offering involves a base offer of over 6.9 crore shares, representing 5% of NLC India’s equity, at a floor price of Rs 212 per share.
- An additional 2% stake, equivalent to 2.77 crore shares, may be divested through a greenshoe option.
Brokers and Facilitation
- ICICI Securities and DAM Capital Advisors have been appointed as brokers to facilitate the stake sale.
Company Background
- NLC India, a Navratna company under the Ministry of Coal, primarily operates in mining and power generation.
- As of December 2023, the central government holds a stake of 79.2% in NLC India, which exceeds the maximum permissible limit according to SEBI regulations.
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