NLC India OFS over-subscribed 5x

Govt to exercise greenshoe option to sell extra 1% stake

Agencies New Delhi

The Central government's offer for sale of up to 3% stake in NLC India was oversubscribed on the first day of the share sale, with non-retail investors putting in bids worth ₹4,158 crore. On Tuesday, non-retail investors bid for over 13.03 crore shares at an indicative price of ₹319.06 a share, as against the base offer size of 2.49 crore shares for them.

NLC India Ltd. on Tuesday said the government will exercise a greenshoe option to sell an additional 1% stake in the company through the offer for sale. The government had offered to sell up to a 3% stake in the company through the offer for sale, with a base issue size of 2% and a greenshoe option of 1%. 

The OFS, which opened on Tuesday for non-retail investors, will open for retail investors on Wednesday.