Free Press Journal

Govt sells 9.2% stake in Nalco, raises `1,200 cr


New Delhi : The government on Thursday raised over Rs 1,200 crore through the sale of 9.2 per cent stake in Nalco as both retail and institutional investors lapped up the shares offered to them.

 The first PSU disinvestment of the current fiscal, Nalco also saw the government exercising the option to retain excess subscription, called greenshoe option.

 The government had hit the market on Wednesday with 5 per cent shares on offer, and exercised the greenshoe option after seeing investor demand on day one of the offer for sale.  With bids, over 1.84 times the shares on offer, the subscription of institutional investors was valued at Rs 954 crore.

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