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.
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.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.