NMDC’s Rs5,900-cr issue oversubscribed
12 Dec 2012
NMDC has raised more than the estimated Rs5,900 crore through sale of 396.5 million shares with subscriptions totaling Rs6,816.38 crore as the offer of sale ended at 3.30 pm today.
Against an offer of sale of 396.47 million shares, NMDC received bids for 495.52 million shares, at an indicative weighted average price of Rs149.23 per share, National Stock Exchange (NSE) data showed.
Against the offer for sale of 39,64,71,600 shares, or 10 per cent of the equity capital of the company, the offer for sale received 45,67,70,509 bids at an indicative price of Rs149.23 per share till 3.30 pm, NSE data showed.
Actual bids could be even higher as stock exchanges are yet to complete the compilation of data of all the bids that were received since the opening of the process at 9.15 am this morning.
Both foreign and local funds have bid for NMDC shares against the earlier issue when state-run Life Insurance Corporation had emerged as the single-largest bidder.
Foreign portfolio investors bought more than 30 per cent of the shares on offer, sources said.
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