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Government To Offload 1.5% In NMDC Tomorrow At Rs 153.5 Per Share

The two-day offer for sale (OFS) will open for institutional investors tomorrow and for retail investors on Wednesday.

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Government To Offload 1.5% In NMDC Tomorrow At Rs 153.5 Per Share
New Delhi: The government will tomorrow begin sale of 1.5 per cent stake in NMDC at a floor price of Rs 153.50 apiece, with an option to retain over-subscription of equal quantum.

The two-day offer for sale (OFS) will open for institutional investors tomorrow and for retail investors on
Wednesday. Sale of 1.5 per cent would fetch Rs 750 crore to the exchequer, a source said.

The stake sale will have a green-shoe option to retain over-subscription of a further 1.5 per cent, the source added. Shares of NMDC closed at Rs 161.85, up 2.11 per cent on the BSE.

The floor price of Rs 153.50 is at a discount of 5 per cent over the closing price of Rs 161.85.

The government has already raised over Rs 52,500 crore in current fiscal through stake sale in PSUs, including listing of insurance PSUs and exchange traded fund.

It has set an ambitious target of raising Rs 72,500 crore for disinvestment in the current fiscal. Of this, Rs 46,500 crore is to be raised through minority stake sale in PSUs and Rs 15,000 crore from strategic sale. Another Rs 11,000 crore is to come from listing of insurance companies.


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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