NMDC stake sale: Institutional buyers' portion over-subscribed

The government's 1.5 per cent stake sale in NMDC got off to a flying start today with the portion reserved for institutional investors getting over- subscribed.
Institutional investors bid for over 6.36 crore shares, representing 1.68 times of the 3.79 crore shares reserved for them, as per NSE data.
The government is selling 1.5 per cent stake in NMDC at a floor price of Rs 153.50 apiece, with an option to retain oversubscription of equal quantum. Sale of 1.5 per cent would fetch Rs 750 crore to the exchequer.
The two-day offer for sale (OFS) will open for retail investors tomorrow.

Shares of NMDC closed at Rs 154.70, down 4.42 per cent over previous close on the BSE.
The government has already raised over Rs 52,500 crore in the 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.