NMDC files final papers for FPO

State-run mining major NMDC Ltd today said it has filed final papers for its proposed follow- on public offer, through which the government is divesting its 8.38 per cent stake in the company.

"NMDC has filed a red herring prospectus (RHP) with the Registrar of Companies, Hyderabad for further public offer of 33.22 crore shares of Re 1 each by way of an offer for sale by the President of India," the country's largest iron ore producer said in a filing to the National Stock Exchange (NSE).

The government is selling its 8.38 per cent stake in the public sector major through FPO, which is likely to take place in March.

The government, at present, owns 98.38 per cent equity in the company and the rest has already been made public.

The miner would offer 5 per cent discount on the issue price to retail investors and its employees.

Shares of NMDC were quoting at Rs 458.65, marginally up by 0.22 per cent in the morning trade on the NSE.