Mumbai, April 19: The PSU divestment drive for the current fiscal began on a positive note today with the share sale of National Aluminium Company Ltd (Nalco) being fully subscribed by institutional investors.

According to BSE data, the issue was subscribed 1.84 times at 3.30 pm. Against 7.73 crore shares on offer, institutional buyers bid for almost 14.25 crore shares.

Of its total holding of 74.58 per cent in Nalco, the government is selling 5 per cent, or over 9.66 crore shares, at a floor price of Rs 67. The two-day stake sale could see the exchequer garnering around Rs 640 crore.

The retail offering will open tomorrow. Over 1.93 crore have been reserved for retail investors, who will get an additional discount over the issue price.

Retail investors are individuals placing bids worth up to Rs 2 lakh.

However, the Nalco scrip came under intense pressure on the bourses. On the BSE, the scrip fell almost 8 per cent, or Rs 5.70, to Rs 67.75.

For the current fiscal, the government has set a cash mop-up target of Rs 46,500 crore from minority stake sales and Rs 15,000 crore from strategic selloffs.

In 2016-17, the government had raised over Rs 46,247 crore from divestment.

Last month, Nalco had declared an interim dividend of 56 per cent worth Rs 541.22 crore for 2016-17, the highest by the company.

The interim dividend worked out to Rs 2.80 per share on the paid-up equity share capital of Rs 966.46 crore.