NMDC stake sale via OFS route begins; stock falls 4%
The stock hit a 52-week high of Rs 163 on BSE on Monday, January 8, 2018 in intra-day trade had outperformed the market by gaining 23% in past one month
 "NMDC stake sale via OFS route begins; stock falls 4%")
premium
NMDC was trading 4% lower at Rs 155 on BSE in early morning trade as the government 1.5% stake sale programme in mining company commenced today. The government has fixed a floor price of Rs 153.50 apiece, is at a discount of 5% over the closing price of Rs 161.85 on Monday.
The two-day offer for sale (OFS) will open for institutional investors on Tuesday and for retail investors on Wednesday.
“The Promoter proposes to sell up to 47.46 million (1.5%) equity shares of the face value of Re 1/- each on January 09, 2018 (for non-Retail Investors only) and on January 10, 2018 (for Retail Investors and for non-Retail Investors who choose to carry forward their un-allotted bids) with an option to additionally sell up to 47.46 million (1.5%) equity shares of NMDC,” the company said in a notice of OFS.
The stock hit a 52-week high of Rs 163 on BSE on Monday, January 8, 2018 in intra-day trade had outperformed the market by gaining 23% in past one month. On comparison, the benchmark S&P BSE Sensex was gained 3.3% till yesterday.
The two-day offer for sale (OFS) will open for institutional investors on Tuesday and for retail investors on Wednesday.
“The Promoter proposes to sell up to 47.46 million (1.5%) equity shares of the face value of Re 1/- each on January 09, 2018 (for non-Retail Investors only) and on January 10, 2018 (for Retail Investors and for non-Retail Investors who choose to carry forward their un-allotted bids) with an option to additionally sell up to 47.46 million (1.5%) equity shares of NMDC,” the company said in a notice of OFS.
The stock hit a 52-week high of Rs 163 on BSE on Monday, January 8, 2018 in intra-day trade had outperformed the market by gaining 23% in past one month. On comparison, the benchmark S&P BSE Sensex was gained 3.3% till yesterday.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%