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NMDC FPO gets poor response

This article was posted on Mar 14, 2010 and is filed under Market News

The follow-on public offer of NMDC, a navratna public sector undertaking, was fully subscribed on the last day. Qualified institutional investors helped the issue to sail through. Their reserved portion was subscribed over two times. Overall, the issue got overbid 1.24 times, as per data available on the NSE website.

LIC, India’s largest insurance company, bailed out NMDC FPO on the last day, subscribed to 75-80% of the issue at Rs 300 per share, reports CNBC-TV18 quoting sources. It has put in nearly Rs 7,500-8,000 crore in FPO.

In addition some state owned banks also put in bids, but the response from FIIs and mutual funds was muted.

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