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Govt. raises about Rs. 1200 crore through divestment of 2.52% of equity in NMDC

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The Government has successfully divested 2.52% of paid-up capital in National Mineral Development Corporation (NMDC) for an amount of approximately Rs. 1200 crore through the Offer for Sale (OFS) mechanism.
 
This includes approximately Rs. 980.05 crore from non-retail investors and Rs. 232 crore from retail investors, an official press release said.
 
Originally, the disinvestment in NMDC OFS was pegged at basic issue size of 1.5% of paid-up capital at floor price of Rs.153.50 per share. The issue got over-subscribed by three times the base issue size, it said.
 
To encourage retail participation, a discount of 5% on the cut-off price was offered to retail investors. The retail portion has been over-subscribed by 439.64%, it said.
 
The issue has attracted investments from foreign investors and domestic institutional investors and mutual funds.
 
With this transaction, the Government of India shareholding in NMDC has come down from 74.94% to 72.42%, the release added.
 
NNN
 
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