The Empowered Group of Ministers (EGoM), headed by Finance Minister P. Chidambaram, has fixed the floor price at Rs 40 a share for the Nalco (National Aluminium Company) disinvestment of 10 per cent stake through the offer-for-sale route. The price announced is at a discount of a little over 9.5 per cent over Nalco stock’s closing price on Thursday. The EGoM took the decision on Wednesday.
Nalco informed the price to the bourses after trading hours on Thursday. The exchange-traded auction on the offer would happen on Friday.
On Thursday, Nalco finished 4.43 per cent down at Rs 44.25 on the BSE. On offer is 12.89 crore shares of the face value of Rs 5 a share with an option to sell an additional 12.89 crore shares. If successful, the offer is to mop up at least Rs 1,031 crore for the Union Government and bring down its stake to around 75 per cent.