NMDC issue subscribed 0.17 times on first day

The follow-on public offer (FPO) of NMDC was subscribed by 0.17 times on the opening day with majority of applications coming from domestic insurance firms. Though the QIB portion subscribed 0.33 times, the FII and domestic mutual funds stayed away from the issue. The Rs 9,800-11,425 crore issue received total bids for 5.71 crore equity shares against the offer size of 33.22 crore shares. Sources said a bid for around 1.5 crore was put in by the state-owned Life Insurance Corporation (LIC), early on Wednesday morning. The bid is learnt to have been submitted at the lower end of the ...

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