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Retail investors over-subscribe NMDC; govt to get Rs 1,200 cr

Press Trust of India  |  New Delhi 

The government's 2.52 per cent stake sale in saw robust response from investors with the getting over-subscribed by 5.40 times today.

The two-day offer for sale (OFS) opened for retail subscription today. Over 8.58 crore bids came in for 1.59 crore reserved for them, representing 5.40 times over- subscription, according to the data.

Institutional investors had yesterday put in bids for over 6.36 crore -- 1.68 times of the 3.79 crore reserved for them.

The sale of 2.52 per cent in at a floor price of Rs 153.50 per share will fetch about Rs 1,200 crore to the exchequer.

The had originally planned to sell 1.5 per cent stake in the company, with a green-shoe option to retain an equal quantum.

Based on the response from institutional buyers, the decided keep the issue size at 2.52 per cent.

Shares of closed at Rs 155.30, up 0.45 per cent, on

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: Wed, January 10 2018. 17:55 IST