The stocks tanked 6.02 per cent to Rs 1,219,15 on BSE. It hit a low of Rs 1,206.30 during the day.
The government said it plans to sell 10 per cent of the company with a greenshoe option of 6.12 per cent. The offer for sale opens on Tuesday for non-retail investors and the same will open for retail investors on Wednesday.
The floor price for the offer is set at Rs 1,161 per share. This is at a discount of 10.50 per cent to the last closing price.
Overall, the government plans to sell 4,59,46,885 shares, including the oversubscription option. A minimum of 25 per cent of the Offer Shares shall be reserved for mutual funds and insurance companies, subject to receipt of valid bids, said the offer document.
If the sale is materialised at the floor price, the government will rake in Rs 5,334 crore.
ICICI Securities and Goldman Sachs (India) Securities are the managers of the issue.
