Overview
- The government launched an Offer for Sale to offload up to 3% of NLC India (base 2% plus 1% green‑shoe) with a floor price of Rs 303 per share and an expected raise of about ₹1,200–1,260 crore if fully allotted.
- Non‑retail bidding opened on June 9 and produced sharply divergent reports during the day, with exchange data showing a modest midday take-up (around 11% of the non‑retail quota) while later exchange tallies were reported as more than five times oversubscribed and roughly ₹4,158 crore of bids.
- NLC India shares fell about 4–5% on the trading day after the OFS opened, reflecting the roughly 10% discount of the floor price to the pre‑OFS market close and investor uncertainty over demand.
- Final allotment and any exercise of the 1% green‑shoe remain pending and retail investors will bid in the separate retail window when the offer opens for them on June 10.
- The sale follows recent minority stake divestments that have raised about ₹12,166 crore this fiscal and uses OFS mechanics that reserve a small employee allocation, separate non‑retail and retail bidding windows, and limits on employee applications.