Mumbai, June 10 -- The President of India, acting through the Ministry of Coal, is offering up to 2.77 crore equity shares, representing 2% of NLC India's paid-up equity capital, as the base offer.

The government decided to exercise an oversubscription option to sell an additional 1.38 crore shares of the company, equivalent to another 1% stake.

With the oversubscription option, the total offer size will rise to 4.15 crore shares, representing 3% of the company's equity capital.

At the floor price of Rs 303 per share, the base offer is valued at about Rs 840 crore. Including the oversubscription option, the total issue size approximately equals to Rs 1,257.45 crore.

The floor price was set at Rs 303 per share, a discount of 9.73% to t...