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
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)