The offer for sale from NALCO for 12.88 cr shares with an option to sell an additional 12.88 cr shares at a floor price of Rs 40 received a lukewarm response. The total bids received were for 15.69 cr shares at an indicative price of Rs 40.05. The floor price of Rs 40 was fixed at a discount to the closing price of Rs 44.25 on the BSE and Rs 44.10 on the NSE.

The prices crashed on the bourses and almost reached the floor price to close at Rs 40.35 on both the BSE and NSE. The issue has once again been bailed out by LIC and state run banks and financial institutions. The issue has garnered Rs 628 crs for the government from this issue. The share of NALCO would be under pressure on Monday when trading resumes.

Exact quantity purchased by LIC would become available on Monday or Tuesday when the declarations by the corporation is made public to the exchange.