Iron ore producer NMDC on Tuesday announced its follow on public offer of shares from March 10.
The issue with the price band between Rs 300 and Rs 350 per share will close on March 12 . After the FPO, the government’s stake in the ‘Navratna’ PSU will come down to 90 per cent from 98.3 per cent.
The government has set a target to earn around Rs 40,000 crore from stake sale in PSUs, in the budget for fiscal year 2010-11. “The FPO comprises a net offer to the public of 330.5 million shares of face value of Re 1 each and a reservation of 1.74 million shares for purchase by eligible employees,” said NMDC general manager (finance) N Srinivasan said.