Government divested 2.52 % from NMDC
Issue gets over-subscribed by three times the base issue size
Government has successfully divested 2.52 % of paid-up capital in National Mineral Development Corporation (NMDC) for an amount of Rs. 1200 crore approx. (Rs. 980.05 crore from non-retail investors and Rs. 232 crore approx. from retail investors) through Offer for sale (OFS) mechanism.
Originally, the disinvestment in NMDC OFS was pegged at basic issue size of 1.5% of paid-up capital at floor price of Rs153.50 per share. The issue got over-subscribed by three times the base issue size. 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%.
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%.
Recently NMDC Ltd, Hyderabad has been awarded the ‘Golden Peacock Corporate Ethics Award (Global & National)’ for the year 2017. Their prime focus is to expand the operations in the areas of Mining and Mineral Processing to meet the growing demands from domestic and international Markets. Achieve international standards in per capita productivity, value addition and cost effectiveness!