Shares of National Fertilizers Ltd went down over 2 percent on October 9 after LIC diluted its stake in the company through open market deals.
At 1:36pm, the NFL stock was down 2.55 percent to Rs 68.90. LIC trimmed 2.018 percent stake in the company.
In its regulatory filing to exchanges, LIC said it diluted its shareholding in NFL from 4,55,02,381 to 3,56,02,539 equity shares. Effectively lowering its shareholding from 9.275 percent to 7.257 percent in NFL.
LIC said the corporation sold shares in open market sale from August 1 to October 6 at an average cost of Rs 70.58.
According to NFL’s shareholding pattern, as of June 30, 2023, LIC had 4,70,98,218 shares or 9.6 percent stake in the state-run fertiliser company.
NFL works in the production and marketing of neem-coated urea, bio-fertilizers (solid and liquid) and other allied industrial products. The company is also engaged in trading of imported and domestic fertilizers.
Moneycontrol had earlier reported that the government is not going forward with the OFS (Offer for Sale) in fertlizer PSUs like NFL and Rashtriya Chemicals and Fertilizers Limited (RCF) due to a lack of investor interest.
In its June quarterly results, NFL’s revenues were down 21.74 percent on-year to Rs 5,051.23 crore, while it posted a loss of Rs. 121.43 crore, down 196.79 percent from the previous year. Similarly, EBITDA also is at a negative Rs. 0.02 crore down 100.01 percent YoY.
In the last six months, shares of NFL have plunged by 9.41 percent.
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