Government to sell up to 4% in NMDC via OFS

New Delhi: State-owned miner NMDC on Monday announced government plans to offload four per cent stake in the company through an offer for sale (OFS) which opens for subscription on Tuesday.

The floor price for the offer shall be Rs165 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 Rs 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.