(formerly Neyveli Lignite Corporation), a PSU under the Ministry of Coal, has announced that its board has given in-principle approval for listing of its wholly owned subsidiary NLC India Renewables Limited (NIRL)
The listing will be through dilution of equity stake up to 25 per cent in one or more tranches through Public Offer, subject to obtaining requisite approvals from the competent authority.
The approval shall be communicated to the Ministry of Coal for onward submission to the Department of Investment and Public Asset Management (DIPAM), the company said in an exchange filing.
The board has also given in principle approval to invest ₹67 crore in one or more tranches in NIRL by way of subscription to Equity shares at face value as and when required, for funding the Green Energy Projects, to be executed through Joint Venture Companies.
The company’s board had in July of last year approved plans to invest up to ₹1,630.89 crore in one or more tranches in NIRL.
Shares of NLC closed at ₹255.45 on the on Tuesday, down ₹0.45 or 0.18 per cent