Overwhelming response from retail investors in the share sale of National Aluminium Company helped the government kick off the new financial year’s disinvestment programme.
Small investors bid 3.2 times over while high-networth individuals and institutional buyers bid 1.8 times more for the Nalco shares, stock exchange data showed.
The government mopped up Rs 1,204 crore--Rs 250 crore from retail and Rs 954 crore from institutions--by selling 9.2% in Nalco.
Commenting on the Nalco share sale, the secretary at the Department of Investment and Public Asset Management (DIPAM), Neeraj Gupta, said the government was confident of retail investor demand and hence had exercised the green-shoe option keeping in mind the last four disinvestments. “Today’s response validates
Read Original :Disinvestment for 2017-18 kicks off with Rs 1,200 cr Nalco share sale