India's NMDC $1.1 bln share sale 28 pct covered - exchange data

Last Updated: Wed, Dec 12, 2012 08:10 hrs

MUMBAI, Dec 12 (Reuters) - India's up to $1.1 billion share sale in state miner NMDC Ltd received bids for nearly 28 percent of the total shares on offer, an encouraging sign for the government's efforts to divest stakes in other state firms to bridge its rising fiscal deficit.

By 1.15 p.m. (0745 GMT), the offer had received bids for 109.60 million shares, stock exchange data showed. Share auctions in India typically see limited interest until their final hours.

The government is selling 396.47 million shares, or 10 percent of the company's stock, and had set a floor price of 147 rupees per share for bids.

The share sale is the largest by the government since a messy $2.5 billion auction of shares in state explorer Oil and Natural Gas Corp in March that had required large bids from state investors. (Reporting by Prashant Mehra; Editing by Anand Basu)

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