2017-18 Disinvestment - Govt starts disinvestment with 10% stake sale in Nalco Wednesday April 19,2017
The NDA Government began selling up to 10% stake in National Aluminium Company (Nalco) on the stock exchanges on Wednesday April 19,2017 , kicking off its ambitious Rs 72,500 crore disinvestment plan for 2017-18.
The Nalco stake sales are expected to raise Rs 1,300 crore. Institutional buyers were bidding for the miner’s shares on the first day of the sales. Retail investors will get a chance to buy the shares on Thursday.
Nalco informed stock exchanges it will sell upto 9.66 crore equity, or 10%, through the offer for sale (OFS) route, meaning the shares will be auctioned in the stock exchanges. The government owns 74.58% in the miner.