National Fertilizers cracks 7% as two-day OFS kicks off
Following the development, the stock fell 6.97 per cent to hit a low of Rs 73.35, before recovering some ground.
By ETMarkets.com | Updated:
NEW DELHI: Shares of National Fertilizers (NFL) cracked over 7 per cent on Wednesday after the government kicked off two-day offer for sale (OFS).
The government said it will sell 15 per cent stake in the state-run fertiliser company at a floor price of Rs 72.80, which was at 7.67 per cent discount to Tuesday’s closing price of Rs 78.85.
Following the development, the stock fell 7.73 per cent to close at Rs 73.20.
The offer is opened only for institutional investors. Retail investors can put in their bids on Thursday.
The government owns 89.71 per cent stake in NFL. The sale of 7.35 crore shares or 15 per cent stake would fetch about Rs 530 crore to the exchequer.
The government said it will sell 15 per cent stake in the state-run fertiliser company at a floor price of Rs 72.80, which was at 7.67 per cent discount to Tuesday’s closing price of Rs 78.85.
Following the development, the stock fell 7.73 per cent to close at Rs 73.20.
The offer is opened only for institutional investors. Retail investors can put in their bids on Thursday.
The government owns 89.71 per cent stake in NFL. The sale of 7.35 crore shares or 15 per cent stake would fetch about Rs 530 crore to the exchequer.
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