NALCO shares tumbles 6%, government to sell 10% in Nalco

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NALCO, NewsThe government will open the first divestment account today, 19 April 2017, with up to 10% stake sale in the NALCO (National Aluminium Co Ltd.) and may mop up Rs. 600 crore.

In the BSE filing, the aluminium major NALCO told the exchange that the promoters will sell 5% aggregating 9.67 crore equity shares, through an OFS (offer for sale) today.

NALCO shares have tumbled over 6 percent in the early trade on Wednesday at BSE . NALCO’s shares started trading at Rs. 68.50 per share, touching a low and high of Rs 68.30 and Rs 69.30 per share respectively, on intraday basis.

NALCO is the first divestment in the financial year 2018 with govt lining up over Rs. 34,000 cr, by divesting its stake in nearly a few state-run companies. The issue price were set forth at Rs. 67 a share. The NALCO shares closed at Rs. 73.45 on the BSE yesterday.

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