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National Fertilizers declines 7% on OFS by Government of India

Government of India will sell up to 7,35,86,760 equity shares of the company, representing 15 percent of the total paid up equity share capital of the company in next two days.

July 26, 2017 / 09:40 AM IST
Shree Pushkar Chemicals & Fertilisers Q1 | Profit at Rs 1.01 crore versus Rs 6.35 crore, revenue at Rs 63.8 crore versus Rs 92.1 crore YoY. (Image: Reuters)

Shree Pushkar Chemicals & Fertilisers Q1 | Profit at Rs 1.01 crore versus Rs 6.35 crore, revenue at Rs 63.8 crore versus Rs 92.1 crore YoY. (Image: Reuters)

 
 
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Shares of National Fertilizers declined 7 percent in the early trade on Wednesday as the government will sale its stake through offer for sale (OFS).

Government of India will sell up to 7,35,86,760 equity shares of the company, representing 15 percent of the total paid up equity share capital of the company in next two days.

The floor price for the offer shall be Rs 72.80 per equity share.

The share price advanced more than 110 percent in the last one year.

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Government currently holds 89.71 percent stake in the company and with this sale it will raise around Rs 530 crore.

Retail investors can put their bids on July 27, while non-retail investor can place their bid on July 26.

At 09:36 hrs National Fertilizers was quoting at Rs 74.25, down Rs 4.60, or 5.83 percent on the BSE.

Posted by Rakesh Patil
first published: Jul 26, 2017 09:40 am

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