NMDC stands for National Mineral Development Corporation. Nmdc’s FPO price band has fixed by the government. The company’s FPO (follow-on public offer) price fixed at Rs 300-350/sh, represents 12.9-25.3% to the current market price. The NMDC FPO price has been fixed on yesterday 8th March, 2010.
Logo of NMDC
NMDC is fully owned government of India public enterprise and Navratna Company. Now it is coming with FPO which will open for subscription between Wednesday, March 10, 2010 and Friday, March 12, 2010. The Nmdc’s FPO offering 33.22 crore shares will open on March 10.
The FPO Includes a net offers to the public of 330,500,000 equity shares of face value of Re 1 each. NMDC Chairman and Managing Director Rana Som told reporters that “The Company has decided 5% discount offer to the offer price for retail individual bidders and eligible employees.”
NMDC has reserved 50% shares for qualified institutional buyers and 35% of the IPO will be allocated to retail investors. Recently NMDC IPO Price opened at Rs.405 and hit high of Rs.418, and suddenly it has slipped by 8.3% from there to touch a low of Rs 383. Now it is trading with a loss of 5.7% to Rs.391.
NMDC was established in 1958. It is involved in the searching of wide range of minerals such as iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc. In all over the country, it has only automated diamond mine with a capacity of 1.00 Lakh carats / annum at Panna.
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hi,
nmdc is quite a fundamentally strong stock…i will liked in investing in this FPO!!!thnxxxx