NMDC Steel Shares Gain After Listing At Rs 30.25 Post Demerger
NMDC Steel will be in trade-for-trade segment for 10 trading days as per the norms for listing that arise out of demergers.
Shares of NMDC Steel Ltd. debuted at Rs 30.25 apiece on the bourses after the company's demerger from National Mineral Development Corporation Ltd.
The stock debuted on the BSE and the NSE and gained 4.96% to trade at Rs 31.75 apiece.
As per the norms for listings that arise out of demergers, the scrip will be in trade-for-trade segment for 10 trading days. This means that there will be no intraday trading.
NMDC shareholders have been allotted one share of NMDC Steel for every equity share held.
Last year in October, the National Mineral Development Corporation announced the demerger of NMDC Ltd. and NMDC Steel Ltd. Currently, the government holds a 60.79% stake in NMDC Steel, which is the steel manufacturing facility of India's largest iron ore producer, NMDC located in Nagarnar, Chhattisgarh.
The company had received in-principle approval from BSE to list 29,30,605,850 equity shares of Rs 10 each pursuant to the Scheme of Arrangement between the two companies, according to an earlier statement by DIPAM.
