India's up to $1.1 billion share sale in state miner NMDC Ltd 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
India's up to USD 1.1 billion share sale in state miner NMDC
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
NMDC stock price
On October 22, 2014, NMDC closed at Rs 160.90, down Rs 1.95, or 1.2 percent. The 52-week high of the share was Rs 196.15 and the 52-week low was Rs 123.10.
The company's trailing 12-month (TTM) EPS was at Rs 17.06 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 9.43. The latest book value of the company is Rs 75.64 per share. At current value, the price-to-book value of the company is 2.13.
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