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NMDC offer for sale to fetch up to Rs 3,620 crore

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NMDC OFS would be the first stake sale in a state-run agency within the present monetary yr, as a lot of the proposed big-ticket transactions similar to BPCL privatisation have been delayed to the second wave of Covid-19.

The Union authorities will promote as much as 7.49% stake in state-run miner NMDC to lift as much as Rs 3,620 crore by means of a proposal on the market at a ground worth of Rs 165/share on Tuesday-Wednesday. The ground worth is at a reduction of 5.9% to the closing share worth (Rs 175.3) of NMDC on the BSE on Monday.

The OFS will open on the inventory exchanges on Tuesday for non-retail traders, whereas retail will be capable of place bids on Wednesday.

Associated Information

The bottom supply dimension of the OFS can be 4% (11,72,24,234 fairness shares) authorities stake with an choice to retain oversubscription amounting to three.49% (10,22,78,144) stake within the firm, NMDC knowledgeable the BSE.

At the moment, the federal government owns 68.29% stake within the mining enterprise.

NMDC OFS would be the first stake sale in a state-run agency within the present monetary yr, as a lot of the proposed big-ticket transactions similar to BPCL privatisation have been delayed to the second wave of Covid-19.

By promoting a portion of SUUTI (Specified Endeavor of Unit Belief of India) stake in personal lender Axis Bank, the federal government has mobilized Rs 3,994 crore or 2.25% of the FY22 disinvestment goal of Rs 1.75 lakh crore.

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