NMDC issue scrapes through with govt aid

Public sector Life Insurance Corporation and State Bank of India have ostensibly bailed out the follow-on offer (FPO) of state-owned mining firm NMDC. The two firms have reportedly put in close to Rs 8,200 crore, or around nearly 80% of the issue amount, of Rs 9,800 crore, at the lower end of the price band. The subscriptions by the insurer and India s biggest bank, reportedly at Rs 7,500 crore and Rs 700 crore respectively, ensured that the issue was finally subscribed 1.25 times. Foreign institutional investors (FII), who had accounted for just 1% of the subscriptions on Thursday, didn t bring ...

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