New Delhi: The government’s 15% stake sale in National Fertilisers Ltd(NFL) got off to a smooth start on Wednesday with the portion reserved for institutional investors getting oversubscribed in the afternoon trade. Through the two-day offer for Sale (OFS), the government is selling 7.35 crore shares or 15% stake at a floor price of Rs 72.80 a share. Of the 5.88 crore shares reserved for institutional buyers, bids for over 6.73 crore shares came in, representing 1.14 times the shares on offer, as per NSE data. So far in the current fiscal, the government has already raised about Rs 7,000 crore through share sale in four companies. The government has budgeted to raise Rs 72,500 crore through stake sale in PSUs.

Source: Mint July 26, 2017 09:11 UTC