NMDC sets price range for $2.6 billion follow-on

The government's sell-down in the country's largest iron ore miner will boost the free-float to 10%, but valuation multiples suggest it could be a tough sell.

India's largest iron ore producer, NMDC, will start a three-day bookbuild today for a follow-on share sale that could raise up to Rs116.27 trillion $2.6 billion. However, this is solely a sell-down by the government, meaning none of the proceeds will go to the company.

It is the third asset sale by the Indian company since the beginning of this year, and likely the last in the current fiscal year which ends on March 31. It is also...

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