Unperturbed by the low subscription figures of follow-on public issue of NMDC, Rana Som, CMD of the company told CNBC-TV18 that he was confident of the issue getting significant response by day-end. Incidentally, retail, Foreign institutional investors and mutual funds have evinced hardly any interest so far. Most of the subscription has come from Life Insurance Corp of India (LIC) and public sector banks.
The navratna public sector undertaking was subscribed 79% on Day 2. According to people with direct knowledge of the matter, NMDC attracted bids for 79% of the total shares on sale after LIC and top lender State Bank of India subscribed for stock worth Rs 60 billion (USD 1.3 billion) and Rs 5 billion, respectively. The 33,22,43,200 equity shares issue closes today.
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Investor interest in FPO will be evident by day-end: NMDC
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