Government will sell five percent stake in NTPC via offer-for-sale
(OFS). It hopes to garner around Rs 5000 crore.
The stake sale would be spread over two days with
institutional bidders getting the first chance to buy shares today. Retail
investors, for whom 20 percent shares have been reserved, will get to bid on
February 24. Recently the government had tweaked the OFS rules for retail
investors.
NTPC is the first company to hit the markets under the
revised offer for sale (OFS) guidelines of market regulator Sebi. The OFS route
has now been spread over two days.
The floor price of Rs 122 is at a 3.8 percent discount to
Monday's closing price of Rs 126.85.
The market extended losses in morning trade, dragged by
FMCG, banking & financials and technology stocks. Metals and select auto
stocks outperformed.
The 30-share BSE Sensex fell 144.73 points or 0.61 percent
to 23644.06 and the 50-share NSE Nifty declined 49.15 points or 0.68 percent to
7185.40. The broader markets too were under pressure with the BSE Midcap and
Smallcap indices down nearly half a percent.
The market breadth was weak as about two shares declined for
every share advancing on the BSE.
Markets in Asia gave
up early gains on Tuesday, trading mostly lower as the improved market
sentiment which spurred a global rally Monday appeared to fade. Shanghai
declined over a percent.
No comments:
Post a Comment