 "NLC India's 5% stake sale subscribed 2.1 times, govt set to raise Rs 750 cr")
The Indian government is set to raise Rs 750 crore from the sale of a 5 per cent stake in miner NLC India Ltd, with the issue getting subscribed 2.1 times in a two-day auction on the stock exchanges.
The stake sale is part of the government's efforts to raise a total of Rs 72,500 crore in the financial year to March 2018, by paring its holdings in state-run and some private companies to help keep the fiscal deficit at 3.2 per cent of gross domestic product (GDP).
After the share sale the government's stake in NLC, which also operates power plants, will fall to 84.3 per cent, the Finance Ministry said in a statement on Thursday.