Govt gets Rs 6,000 cr as NMDC share sale oversubscribed, FIIs bid in big way
exchanges, bids were received at an indicative weighted average price of Rs 149.15 per share.
The government had set the floor price for the offer at Rs 147 apiece. NMDC's scrip settled at Rs 154.25, down 3.17 per cent over the previous closing.
Actual bids may be even higher as stock exchanges are yet to complete the compilation of data of all the bids that were received since the opening of the process at 0915 hrs today.
The issue closed at 1530 hrs.
NMDC had reserved one-fourth of the issue for mutual funds and insurance firms. However, no single bidder, other 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
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