NMDC FPO subscribed 0.17 times on day one

The Follow-on Public Offering (FPO) of NMDC LIMITED has received subscription of 0.17 times at the end of first day. The FPO opened for subscription today (March 10, 2010).

The FPO has received total bids for 57119400 equity shares against the offer of 332243200 equity shares resulting in a subscription of 0.17 times. The issue has received bids for 961380 equity shares at cut-off price.

The company has come out with FPO of 332,243,200 Equity Shares of Rs 1 each for cash at a price band of Rs.300 to Rs.350 through 100% book building process.

Bulk of the bids received were at the lower end of the price band between Rs 301 and Rs 300.

The FPO closes for subscription on March 12, 2010.

Source : Equity Bulls

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