15 MARCH 2013Businesstoday.intoday.in
Nalco down 6% in early trade ahead of offer for sale
Edited by : AL CIRCLE
1 min read
Shares of state-run Nalco on Thursday tumbled nearly six per cent in early trade, ahead of its share sale programme where the government will sell up to 10 per cent stake in the aluminium major.
After making a weak opening, shares of the company further lost 5.61 per cent to Rs 43.7 on the BSE in an overall weak stock market.
There would also be an "option to sell an additional 12,88,61,925 equity shares of the face value of INR 5 each of the company... collectively aggregating to approximately 10 per cent of the total paid up equity share capital of the company," the company had said in a filing to the BSE.
The government currently holds 87.15 per cent stake in Nalco.
After making a weak opening, shares of the company further lost 5.61 per cent to Rs 43.7 on the BSE in an overall weak stock market.
There would also be an "option to sell an additional 12,88,61,925 equity shares of the face value of INR 5 each of the company... collectively aggregating to approximately 10 per cent of the total paid up equity share capital of the company," the company had said in a filing to the BSE.
The government currently holds 87.15 per cent stake in Nalco.
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