The
Cabinet Committee on Economic Affairs today approved the disinvestment of 5
percent equity of Neyveli Lignite Corporation (NLC), out of its holding of
93.56 percent through an Offer For Sale (OFS) in the domestic market according
to Securities and Exchange Board of India (SEBI) rules and regulations. The
authorized capital of NLC is Rs. 2,000 crore of which the issued and subscribed
equity capital as on 31st March, 2012 is Rs.1,677.71 crore comprising 167.771
crore equity shares of face value of Rs.10 each. After this disinvestment,
Government of India`s holding in the company would come down to 88.56 percent.
NLC
is a Central Public Sector Enterprise with Navratna status under the
administrative control of the Ministry of Coal. NLC was incorporated in the
year 1956 under the Companies Act, 1956 with the objective of meeting the
electricity demand of the southern states of India by excavating lignite for
generation of power. The Company currently has lignite mines and power stations
in Tamil Nadu and Rajasthan.
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