NMDC FPO Price reveals on March 2010

India's largest iron ore producer NMDC has dropped sharply in opening trades ahead of its announcement of a follow-on public offer (FPO) price. NMDC Shares closed at 435.15 rupees ($9.50) on Thursday.

The follow-on offer is scheduled to open March 10-12 and the indicative price range is expected to be set on Monday after a meeting of a panel of ministers.
Bose termed the issue as a “re-IPO”, indicating the market price may not be a key component in the pricing to be announced on 8 March, with the issue opening on 10 March.