Government to divest 1.5% in NMDC today

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press trust of india
New Delhi, Jan 8: The government will begin sale of 1.5 per cent stake in NMDC Tuesday at a floor price of Rs153.50 apiece, with an option to retain over-subscription of equal quantum. The two-day offer for sale (OFS) will open for institutional investors Tuesday and for retail investors Wednesday.
Sale of 1.5 per cent would fetch Rs750 crore to the exchequer, a source said.
The stake sale will have a green-shoe option to retain over-subscription of a further 1.5 per cent, the source added. Shares of NMDC closed at Rs161.85, up 2.11 per cent on the BSE.
The floor price of Rs153.50 is at a discount of 5 per cent over the closing price of Rs161.85.
The government has already raised more than Rs52,500 crore in the current fiscal through stake sale in PSUs, including listing of insurance PSUs and exchange traded fund.
It has set an ambitious target of raising Rs72,500 crore for disinvestment in the current fiscal. Of this, Rs46,500 crore is to be raised through minority stake sale in PSUs and Rs15,000 crore from strategic sale.
Another Rs11,000 crore is to come from listing of insurance
companies.