Govt offers discount, fixes NMDC issue price at Rs 145-150

NDMC shares

The government had offered 41 per cent discount for selling its 5.58 per cent stake in HCL. However, despite that, it failed to attract the attention of the retail investors and had to be rescued at the last moment by state-own financial firms, including LIC.

In the last fiscal, NMDC had reported a net profit of Rs 7,265.39 crore and net sales of Rs 11,260.53 crore.

However, in the June-September quarter, its net profit was down nearly 15 per cent at Rs 1,678.62 crore largely due to fall in sales and lower production.

At present, the government holds 90 per cent stake in NMDC. As of March 31, 2012, the state-owned iron ore miner had a paid-up equity capital of Rs 396.47 crore.

For the share sale, the company had appointed five merchant bankers -- Citigroup Global Markets, Goldman Sachs (India) Securities, Enam Securities, DSP Merrill Lynch and ICICI Securities -- and ALMT Legal, Advocates & Solicitors as legal advisor.

Stocks More on NMDC

Company INFO More on NMDC

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.