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Govt to sell up to 10% stake in Nalco on March 15

The government will sell up to 10 per cent stake in aluminium major Nalco on March 15 which may fetch the exchequer around Rs 1,100 crore

Written by Press Trust Of India | New Delhi |
March 14, 2013 12:37:58 am

The government will sell up to 10 per cent stake in aluminium major Nalco on March 15 which may fetch the exchequer around Rs 1,100 crore.

Nalco today said the government would offload more than 12.89 crore shares,amounting to about five per cent stake in the company.

There would also be an “option to sell an additional 12,88,61,925 equity shares of the face value of Rs 5 each of the company… collectively aggregating to approximately 10 per cent of the total paid up equity share capital of the company,” the company said in a filing to the BSE. At current market price,the sale could fetch over Rs 1,180 crore.

Earlier in the day,the Empowered Group of Ministers on disinvestment decided on the base price for the share sale. The government currently holds 87.15 per cent stake in Nalco. Shares of Nalco closed at Rs 46.30,up 2.32 per cent over previous close on the BSE.

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