Indian government to sell up to 7% stake in NLC India this week, sources say (updated)

NLC India

06/03/2024 12:24

(Adds detail)
       NEW DELHI, March 6 (Reuters) - India's federal
government will offer to sell a stake of up to 7% in coal miner
NLC India  NLCI.NS  this week, two government sources said, in a
sale worth up to 22 billion rupees ($266 million) at current
prices. 
    The government holds a 79.2% stake in the company, whose
shares have nearly tripled over the last year to 226.70 rupees
as of Wednesday.     
    The government will offer to sell 5% of its stake in the
state-run company, which also operates power plants, with an
option to sell an additional 2% stake if there is more demand,
one of the sources said.
    The government aims to sell shares worth at least 180
billion rupees in the fiscal year which ends this month. It has
divested shares in government-owned companies worth 126 billion
rupees so far.
    ($1 = 82.8200 Indian rupees)

 (Reporting by Nikunj Ohri and Sudarshan Varadhan, Editing by
Louise Heavens)
 ((Shivam.Patel@thomsonreuters.com;))