NMDC share price falls 2% as govt to offload stake via OFS

Stocks

The floor price for the offer shall be Rs 165 per equity share

Representative image (Source: AFP)

Representative image (Source: AFP)

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NMDC share price slipped over 2 percent in early trade on July 6 after the company said that the government is planning to offload 4 percent stake in the company through an offer for sale (OFS).

The Government of India has proposed to sell up to 11,72,24,234 equity shares of NMDC (representing 4 percent of the total paid-up equity), with an option to additionally sell 10,22,78,144 equity shares (3.49 percent) in case of oversubscription, via offer for sale, on July 6-7.

The floor price for the offer shall be Rs 165 per equity share, NMDC informed the stock exchanges.

The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Ltd, the company said.

The President of India holds 68.29 percent stake in the company.

At 09:17 hrs, NMDC was quoting at Rs 171.55, down Rs 3.75, or 2.14 percent on the BSE.

The share touched a 52-week high of Rs 213.15 and a 52-week low of Rs 75.60 on 12 May, 2021 and 24 September, 2020, respectively.

Currently, it is trading 19.52 percent below its 52-week high and 126.92 percent above its 52-week low.