The Hindu Business Line : Govt offers IPCL shares to staff at Rs 57

INDIAN Petrochemicals Corporation Ltd (IPCL) on Monday said that the Government had offered 1.24-crore equity shares of the company to its employees at a price of Rs 57 per share.

At that rate, the offer price is one-third of Rs 170 per share at which the Government offered under its "offer for sale" to the public, IPCL said in a notice to the Bombay Stock Exchange. The Government sold 5.95-crore IPCL shares or 24 per cent of the company's equity capital to the public in February. IPCL shares rose 2 per cent to close at Rs 194 on the BSE on Monday.

The offer to the employees opens on April 12 and closes on April 21. The allotted shares will have a lock-in period of three years. If the Government manages to sell all the shares, its shareholding in the company will fall to 5 per cent.

It had first sold its majority stake in the company to the Reliance group as part of its disinvestment programme.

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