December 13, 2012 / 07:19 IST
Iron ore miner NMDC's offer for selling 39.65 crore shares was over-subscribed, following hectic trading towards the end of the day, ensuring at least Rs 5,900 crore for the exchequer. Against the offer for sale of 39,64,71,600 shares, or 10 per cent, of government's stake in the company, the offer has received 45,67,70,509 bids at an indicative price of Rs 149.11 per share till 1535 hrs, according to data available with bourses.
Also Read: IIFL see upside of 18-20% on NMDCIndicative price is the volume weighted average price of all the valid or confirmed bids. The government had set the floor price for the offer at Rs 147 apiece. NMDC's shares today settled at Rs 154.25, 3.17 per cent doww 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 hours this morning. It closed at 1530 hrs.NMDC has kept one-fourth of the issue reserved for mutual funds and insurance companies. However, no single bidder, other than mutual funds and insurance firms, would be allocated more than 25 per cent of the total offer, the iron ore miner had said in an exchange notification earlier. NMDC is the second disinvestment candidate in the current fiscal, in 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 of its stake in Hindustan Copper. 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!
