than mutual funds and insurance firms, would be allocated more than 25 per cent of the total offer.
NMDC was the second disinvestment candidate in the current fiscal during which the government plans to raise Rs 30,000 crore by selling stakes in around a dozen PSUs.
On November 23, it had garnered Rs 808 crore by selling 5.58 per cent stake in Hindustan Copper.
The government is planning to launch the NTPC issue, for divesting 9.5 per cent stake in the largest power generator, on January 15.
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India's NMDC $1.1 bn share sale fully covered: exchange data
(Reuters) India's up to $1.1 billion share auction in state miner NMDC Ltd was fully covered by 3.25 p.m. (0955 GMT) on Wednesday, provisional data from the
National Stock Exchange showed. By 3.25 p.m. (0955 GMT), the offer had received bids for 411.70 million shares, at an indicative weighted average price of 149.09 rupees per share. Final bid numbers will be available later on Wednesday.
The government was selling 396.47 million shares, or 10 percent of the company's stock and had set a floor price of 147 rupees per share for bids.
The share sale is the largest by the government since a messy $2.5 billion auction of shares in state explorer Oil and Natural Gas Corp in March that had required large bids from state investors.