E-Paper
NMDC share price falls 2% over govt's proposal to sell stake via OFS
NMDC, the country's largest iron ore mining company, said the offer shall take place during trading hours on a separate window of the stock exchanges on Tuesday.
NMDC share prices slipped over 2 per cent in early trade on Tuesday after the government said it will offload a 4 per cent stake in the state-owned miner through an offer for sale (OFS) and fixed a floor price of ₹165 per equity share. At 10:39am, NMDC was quoting at ₹173.75, down ₹1.65, or 0.94 per cent on BSE, while on NSE it was at ₹173.50, down 1.75 or 1 per cent. NMDC share touched a 52-week high of ₹213.15 and a 52-week low of ₹75.60 on May 12, 2021, and September 24, 2020, respectively.
On Monday, NMDC announced that the government plans to offload a 4 per cent stake in the company through an offer for sale (OFS) which opens for subscription on Tuesday. The company said the President of India, acting through and represented by the Union ministry of steel is the promoter of NMDC. "The promoter proposes to sell up to 11,72,24,234 equity shares of the company, (representing 4 per cent of the total issued and paid up equity share capital of the company on July 6 for non-retail investors and on July 7 for retail and non-retail investors who choose to carry forward their un-allotted bids with an option to additionally sell 10,22,78,144 equity shares representing 3.49 per cent of the total issued and paid-up equity share capital of the company," it said.
NMDC, the country's largest iron ore mining company, said the offer shall take place during trading hours on a separate window of the stock exchanges at 9:15am and shall close at 3:30pm. NMDC added that the offer will continue to take place during trading hours on a separate window of the stock exchanges on Wednesday from 9:15am and close at 3:30pm. The President holds 68.29 per cent stake in the company.
