NALCO offer of sale oversubscribed over three times

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NALCO offer of sale oversubscribed over three times

Institutional investors had bid 1.84 times on Wednesday.

“The central government has successfully divested 9.2 per cent of paid-up capital in National Aluminum Company Ltd. (NALCO) to raise Rs 1,200 crore to begin financial year 2017-18 with a bang,” a Finance Ministry release said.

“Originally, the disinvestment in NALCO OFS was pegged at 5 per cent of paid-up capital, but seeing the overwhelming response from the market, Department of Investment and Public Asset Management (DIPAM) exercised the green shoe option to retain over-subscription and raised the offer to 9.2 per cent on Wednesday,” it said.

With this transaction, the government’s shareholding in NALCO has come down to 65.37 per cent.

For 2017-18, the government has set a target of Rs 46,500 crore through minority stake sale, and Rs 15,000 crore from strategic disinvestment.

In 2016-17, the government had raised over Rs 46,247 crore from disinvestment.

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