NMDC Files Final Papers For FPO With RoC (22-Feb-2010)
NMDC Ltd. has announced that it has filed the final papers for its proposed Follow-on Public Offer (FPO), through which the government is divesting its 8.38 % stake in the company.
In a filing to the National Stock Exchange (NSE), the company said that NMDC Ltd. has filed a Red Herring Prospectus (RHP) with the Registrar of Companies - Hyderabad for FPO of 33.22 crore shares of Re. 1 each by way of an offer for sale by the President of India
The FPO is likely to take place in the month of March 2010.
Currently, the government owns 98.38 % equity in the company and the rest of the stake is already with the public.
The company has also plans to offer a discount of 5 % on the issue price to retail investors and its employees.
NMDC was incorporated in 1958 as a Government of India fully owned public enterprise. The company is under the administrative control of the Ministry of Steel, Government of India.
The company is involved in the exploration of wide range of minerals including - iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.
It is India's single largest iron ore producer and exporter, presently producing about 30 mn tons of iron ore from 3 fully mechanized mines viz. - Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh State) and Donimalai Iron Ore Mines (Karnataka State) which are awarded ISO 9001-2000 certification.
The Company has posted a net profit of Rs. 8599.90 mn for the Q-3 ended 31st December 2009 as compared to Rs. 14249.50 mn for the corresponding period of the previous year. Total Income has decreased from Rs. 25666.80 mn for the Q-3 ended 31st December 2008 to Rs. 18334.80 mn for the for the corresponding period in 2009.
Last month, the company has announced that it has entered into a Memorandum of Understanding (MoU) with Tata Steel Ltd., to explore the possibility of acquisition, exploration and development of mines, extraction and processing of minerals, setting up integrated steel plants and other businesses of mutual interest.
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