“The President of India, acting through the Ministry of Steel Government of India, is proposing to offer up to 89,08, 907 equity shares of face value of Rs 1 each to the eligible employees of the Company at a price Rs 165.50 per equity share,” the company said in a BSE Filing.
The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Ltd.
The Employee OFS will remain open from 16th of July 2021 to 18th July 2021 (both days inclusive), the company said.
The present offer for sale, is in accordance with the approval given by Alternative Mechanism on 5th of July 2021, the company said.
“Alternative mechanism route happens through the human resource department of the company and employees can subscribe the shares even on a Saturday and Sunday. Last in 2010, there was a similar transaction where the price was around Rs 285 a share,” said a person in the know of the matter to ET.
The President of India, acting through the Ministry of Steel and Government of India holds 2,00,12,83,891 fully paid-up equity shares. The government holds around 68.29 per cent of equity shares, whereas the public holds around 31.71 per cent of equity shares as of Thursday.
NMDC on the 5th of July informed the exchanges that the government plans to offload 4 per cent stake in the company through an offer for sale (OFS). The floor price for the offer was kept at Rs 165 per equity share.
“This is an extension of the same offer,” the person quoted above said.
“The promoter proposes to sell up to 11,72,24,234 equity shares of the company on July 6 for non-retail investors and on July 7 for retail and non-retail investors who choose to carry forward their un-allotted bids with an option to additionally sell 10,22,78,144 equity shares representing 3.49 per cent of the total issued and paid-up equity share capital of the company,” the company said.
