National Aluminium Company share price fell 7 percent intraday Wednesday as the 19.3 crore shares offer for sale issue of the company opened today.
"The promoter of the company, President of India (represented by the Ministry of Mines, Government of India), proposed to sell up to 9,66,46,444 (5 percent) equity shares with an additional option to sell up to 9,66,46,444 (5 percent) equity shares through a separate window of the BSE and the National Stock Exchange of India," the company said in its filing on Tuesday.
The issue will be opened for two days (April 19 and 20) for non-retail investors while retail investors can participate in the issue on April 20 only.
"Retail investors shall be allowed to place their bids and revise their bids only on T+1 day. Further, those non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the SEBI OFS Circulars," NALCO said.
T day and T+1 day, collectively referred to as offer dates.
The company has fixed floor price for the offer at Rs 67, which is 8.8 percent discount to Tuesday's closing price of Rs 73.45.
The Government of India held 74.58 percent stake in the company as of March 2017, which will be reduced to 64.58 percent after this offer for sale issue.
At 09:45 hours IST, the stock was quoting at Rs 69.20, down Rs 4.25, or 5.79 percent on the BSE.
Posted by Sunil Shankar Matkar
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