December 12, 2012 / 16:12 IST
India's up to USD 1.1 billion share sale in state miner NMDC received bids for nearly 28 percent of the total shares on offer, an encouraging sign for the government's efforts to divest stakes in other state firms to bridge its rising fiscal deficit.
By 1.15 p.m. (0745 GMT), the offer had received bids for 109.60 million shares, stock exchange data showed. Share auctions in India typically see limited interest until their final hours.
The government is selling 396.47 million shares, or 10 percent of the company's stock, and had set a floor price of Rs 147 per share for bids.
The share sale is the largest by the government since a messy USD 2.5 billion auction of shares in state explorer Oil and Natural Gas Corp
in March that had required large bids from state investors. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
