Govt to sell 15 pc in NFL tomorrow, floor price at Rs 72.80

The government will sell 15 per cent stake in National Fertilizers Ltd (NFL) at a floor price of Rs 72.80 a share through a two-day offer for sale beginning tomorrow.

The sale of 7.35 crore shares or 15 per cent stake would fetch about Rs 530 crore to the exchequer.

The offer for sale (OFS) would open for institutional investors tomorrow, while retail investors can put in their bids on July 27, NFL said in a filing to BSE.

Government currently holds 89.71 per cent stake in NFL.

The floor price of Rs 72.80 a share is at a discount of 7.67 per cent over today's closing price of Rs 78.85 on the BSE.

So far in the current fiscal, the government has raised about Rs 7,000 crore through share sale in four companies.

Of this, Rs 1,207 crore came from initial public offering of HUDCO in May, Rs 1,192 crore through Nalco OFS in April and Rs 203 crore through RCF OFS in June.

Besides, around Rs 4,200 crore have been raised through stake sale in L&T held through Specified Undertaking of Unit Trust of India (SUUTI) last month.

The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)