National Minerals public offer over-subscribed 1.23 times

Submitted by admin4 on 12 March 2010 - 6:12pm

By IANS,

Mumbai : The follow-on public offer of the state-run National Minerals Development Corp was over-subscribed 1.22 times Friday, the last day, with good demand from financial institutions, according to data available with the bourses.

At close, bids were received for 40,94,11,320 shares against 33,22,43,200 on offer. The issue had opened on March 10 with the price band of Rs.300-Rs.350.

As per to data available with the National Stock Exchange (NSE), response of qualified institutional buyers was overwhelming, while that from retail investors was hesitant. Maximum bids were also received in the lower end of the price band.

Prior to this, an offer by another state-run firm, Rural Electrification Corp Ltd was over-subscribed 3.1 times, while that of power utility NTPC evoked a lukewarm response and ended up with bids barely 1.2 times more.

Post new comment

The content of this field is kept private and will not be shown publicly.
By submitting this form, you accept the Mollom privacy policy.

FREE REPRINTS

Unless otherwise noted, you can republish our articles for free. You just have to credit TwoCircles.net and link it back to us, and you can’t edit our material or sell it separately. (We're licensed under Creative Commons, which provides the legal details.). For publishing TwoCircles.net photos please contact info@twocircles.net.