NMDC issue oversubscribed

Our Bureaus Updated - December 12, 2012 at 04:56 PM.

The Government succeeded in its attempt to divest 10 per cent stake in the state-owned NMDC through the offer-for-sale route on Wednesday as the issue was subscribed fully.

The issue, which till the last half-an-hour received bids for about 50 per cent only, got overwhelming response in the closing hours. At the end, it got bids for 49.55 crore shares against the offer of 39.64 crore shares.

The indicative price was fixed at Rs 149.23 against the floor price of Rs 147 fixed by the Government. The stock ended the day at Rs 154.25.

Several brokerages had dubbed the offer as a “steal with attractive valuation”.

The offer would fetch Rs 5,828 crore for the Government.

Earlier in November, the Government managed to divest 4 per cent stake in Hindustan Copper through the offer-for-sale route, through which the Government raised over Rs 800 crore.

Published on December 12, 2012 11:00