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NMDC stake sale: Institutional buyers' portion over-subscribed

Press Trust of India  |  New Delhi 

The government's 1.5 per cent stake sale in 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 reserved for them, as per data.

The is selling 1.5 per cent stake in 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.

of closed at Rs 154.70, down 4.42 per cent over previous close on the

The has already raised over Rs 52,500 crore in the current fiscal through stake sale in PSUs, including listing of 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 and Rs 15,000 crore from strategic sale. Another Rs 11,000 crore is to come from listing of companies.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 16:25 IST