Disinvestment push: Government to sell up to 3% stake in NLC India at Rs 303 per share

The government will divest up to a 3% stake in state-owned NLC India Ltd through an offer for sale (OFS), with the floor price set at Rs 303 per share, nearly 10% below the stock's closing price on Monday.The OFS for non-retail investors will open on Tuesday, while retail investors can bid on June 10, according to PTI."Government of India announces OFS in NLC India Limited (formerly Neyveli Lignite Corporation) with a base offer of 2 per cent of its equity and an additional 1 per cent Green Shoe Option in case of oversubscription," Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X.The floor price of Rs 303 per share represents a discount of 9.73% to NLC India's closing price of Rs 335.65 on the BSE on Monday.The stake sale is part of the Centre's ongoing disinvestment programme aimed at raising resources through minority stake sales in public sector enterprises.With strong operational and financial performance, consistent returns and attractive dividends, NLC continues to offer a compelling long-term investment opportunity, Chawla said.The government has already raised Rs 12,166 crore through PSU stake sales in the current financial year.These include Rs 5,542 crore from Coal India, Rs 4,357 crore from NHPC and Rs 2,266 crore from Central Bank of India.