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Government raises Rs 1,200 crore through sale of 9.2% stake in NALCO

Government raises Rs 1,200 crore through sale of 9.2% stake in NALCO

The government has raised over Rs 1,200 crore through the sale of 9.2% stake in National Aluminium Company (NALCO) as both retail and institutional investors lapped up the shares offered to them. With bids, over 1.84 times the shares on offer, the subscription of institutional investors was valued at Rs 954 crore. Retail investors on their part bid for 3.17 times the shares reserved for them valued at Rs 250 crore. Together, the bids are valued at over Rs 1,200 crore. Of its total holding of 74.58% in the company, the government has offloaded 9.2% at a floor price of Rs 67.

NALCO has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.

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