NMDC FPO finally subscribed 1.25 times

The Follow-on Public Offer (FPO) of National Mineral Development Corporation (NMDC) Limited, a fully owned Government of India public enterprise, which had opened for subscription from Wednesday, March 10, 2010, has been finally subscribed 1.25 times on an overall basis, with major subscription coming only from the QIB Category, which was overbid 2.28 times. The response from the other categories has not been keen. Even the response from Retail Investors, who will be offered a 5% discount on the Issue Price after the book building process, has been unenthusiastic with the FPO managing only 22% subscription in Retail Category

NMDC Ltd. is a fully owned Government of India public enterprise and a Navratna company, which is under the administrative control of the Ministry of Steel, Government of India. NMDC involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc. NMDC has the only mechanized diamond mine in the country with a capacity of 1.00 Lakh carats / annum at Panna

Click here to check out NMDC FPO Subscription Status (Final)