The shares of the country’s largest miner NMDC plunged over 6 per cent ahead of its follow-on public offer (FPO), which opens tomorrow.
The scrip, which opened in negative zone with falling 5.39 per cent to Rs 379, shut the shop for the day at Rs 375.65, down by 6.23 per cent on the on the Bombay Stock Exchange today. During the day, the stock plunged 8.88 per cent from its previous close to touch a low of Rs 365.
On the National Stock Exchange too, the NMDC counter plunged 5.67 per cent to settle at Rs 379.05.
The state-run Navaratna company is coming out with its FPO of 33.22 crore shares in a price-band of Rs 300-350 per share. The price range is lower by 13-25 per cent over the Monday’s closing price of NMDC.
At the upper end of the price band, the government would be able to raise up to Rs 11,690 crore through the issue from its planned 8.38 per cent dilution in the company. The NMDC issue will close March 12.
On volume front, over 34.89 lakh shares changed hands on the bourses today.
The BSE benchmark Sensex too declined 50.06 points or 0.29 per cent to close at 17,052.54 points.