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Home >Companies >News >NMDC: Govt to exercise oversubscription option up to 3.49% in co stake under OFS

State-owned miner NMDC on Tuesday said that the government will have to option to additionally sell up to 3.49% stake or 10,22,78,144 equity shares in the company under offer for sale (OFS), which opened for subscription today.

The announcement comes a day after announcing the government's plans to offload 4% stake in the company through OFS.

"In the event the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will in aggregate, be referred to as the "Offer Shares". In the event such Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will be referred to as the "Offer Shares", through the separate designated window of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE" and together with BSE, the "Stock Exchanges"), collectively representing 7.49% of the total paid up equity share capital of the Company, and such offer hereinafter referred as the "Offer")," the company said in a regualtory filing.

The floor price for the offer shall be 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 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.

The floor price for the offer shall be 165 per equity share, it added.

On Tuesday, the offer shall take place during trading hours on a separate window of the stock exchanges at 9:15 AM and shall close at 3:30 PM.

It will continue to take place during trading hours on a separate window of the Stock Exchanges on Wednesday from 9:15 AM and close at 3:30 PM on the same day.

NMDC, under the Ministry of Steel, is country's largest iron ore mining company.

President of India holds 68.29 per cent stake in the company.

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