Nalco falls over 5% as stake sale begins

The stock dipped 7% to Rs 68.30 on BSE in early morning trade.

National Aluminium Company (Nalco) dipped 7% to Rs 68.30 on BSE in early morning trade after the government stake sale of up to 10% in the aluminium company through an offer for sale (OFS) begins today.

The company has fixed floor price of Rs 67 for the OFS. The floor price is 8.8% lower against Tuesday closing price of Rs 73.45 on BSE.

“The promoters (the government owns 74.58% and the rest are with the public) will sell 5% aggregating 96.7 million equity shares with an additional option to sell up to 96.6 million shares (5%) equity shares