The NMDC issue was oversubscribed 1.73 times on Wednesday, fetching Rs.6,000 crore for the government for its 10 per cent stake, thanks to strong participation from FIIs and the Life Insurance Corporation of India.
The success of the issue, in which 68.69 crore bids were received, as against 39.65 crore on the block through the offer for sale (OFS) route till 4 p.m.— according to the stock exchange data — will pave the way for disinvestment of a clutch of other PSUs.
“We have mopped up about Rs.6,000 crore. The average weighted price for the bids is Rs.150 a share,” a top Finance Ministry official said.
