State-run Nalco 's offer for sale (OFS) received an overwhelming response today, with the issue getting fully subscribed before market close, making sure the government gets at least Rs 515 crore in its kitty.
The government was selling 128.86 million shares, or 5 percent of the company's stock, with an option to sell another 5 percent, at a minimum bid price of Rs 40 per share.
By 3.05 p.m., the single-day auction had received bids for 132.14 million shares at an indicative weighted average price of Rs 40.01 per share. Final bid numbers will be available later on Friday.
The government had fixed the floor price for up to 10 per cent share auction of Nalco at Rs 40 apiece.
However, SP Tulsian of sptulsian.com believes the government has spoiled the offer for sale structure. "Let us understand that 10 percent is the intent of the government to divest. We are only talking of the five percent. They have broken it in five percent. So, we have received the response 74 percent of that five percent. I don't understand the logic of divesting or reducing the stake at Rs 40 a share, when the company is having cash balance. On December 31, company has cash equivalent of Rs 5,000 crore, which translates into Rs 20 per share," he told CNBC-TV18 in an interview.
Since, government is holding 87 percent, he says, they could have very well declared a dividend of at least Rs 10 or may be Rs 12 per share, if not Rs 20. It could have taken the money closer to about Rs 2500 crore in the form of dividend.
"The company has Rs 5,000 crore and one is struggling to mobilise Rs 500 crore. Even if this OFS goes through, government will only be getting Rs 500 crore. What is the idea of reducing the stake from 87 percent to 82 percent? So, the structuring and the theme of this OFS was itself ill conceived and I don't see any logic and rationale behind this," he told the channel.
Shares of Nalco were quoting at Rs 40.40, down 8.70 per cent from its previous close on BSE. During the day trade, Nalco scrip fell to a low of Rs 40.30.
At present, the government holds 87.15 per cent stake in Nalco.
The government estimates to collect Rs 24,000 crore from disinvestment in the current fiscal and has already raised over Rs 21,800 crore so far.
(With inputs from agencies)
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