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Stocks to Watch on March 7: The government will sell up to 7 per cent stake in NLC India through an offer for sale (OFS) to raise up to Rs 2,100 crore

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SI Reporter New Delhi

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Shares of state-run NLC India will be on investor radar on Thursday, March 7, as the government is set to offload its partial stake in the firm.
The government will sell up to 7 per cent stake in NLC India through an offer for sale (OFS) to raise up to Rs 2,100 crore. 
"The offer for sale in NLC India Limited opens on March 7 for non-retail investors. Retail investors can bid on Monday, March 11. The government will divest 7 per cent equity including Green Shoe option of 2 per cent" Secretary, DIPAM posted on social media.

The base offer will comprise the sale of around 69.3 million equity shares, whereas, the greenshoe option will comprise 27.7 million shares.
The floor price for the OFS has been fixed at Rs 212 per share, down 6.5 per cent from the stock's last close of Rs 226.
As per shareholding pattern of the company, the central government holds 79.2 per cent stake in the company as of December 2023. 
In a separate development, NLC India Green Energy Limited, the green arm of NLC India, has inked a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for a 600 MW Solar Power Project at Khavda Solar Park in Bhuj District, Gujarat.
GUVNL will purchase the entire power generated by the project at a tariff of Rs 2.705/kWhr. The solar project is expected to generate around 1,577.88 million units (MU) of electricity annually, contributing to a cumulative electricity generation of 39.447 billion units (BU) over its lifetime.
Financially, the public sector undertaking reported a standalone profit of Rs 1,673 crore in the December quarter as against Rs 474 crore last year, clocking a growth of 253 per cent. 
Its consolidated profit stood at Rs 1,753 crore as against Rs 590 crore Y-o-Y.

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First Published: Mar 07 2024 | 7:58 AM IST

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