New Delhi, Jul 6 (PTI) The government's 7 per cent share sale in NMDC got off to a good start on Tuesday, with institutional investors putting in bids worth over Rs 3,700 crore.

As against over 10.55 crore shares on offer for institutional investors, they put in bids for over 22.55 crore shares or 2.14 times.

At the indicative price of Rs 166.46 a share, the bids put in by institutional investors totalled over Rs 3,753 crore, as per NSE data.

The offer for sale (OFS) will open for retail investors on Wednesday.

The government is selling over 21.95 crore shares or 7.49 per cent stake in state-owned miner NMDC at a floor price of Rs 165 a piece.

The share sale is expected to fetch around Rs 3,700 crore to the exchequer.

Shares of NMDC closed at Rs 169.65, down 3.22 per cent over the previous close on the BSE.

The government currently holds 68.29 per cent stake in NMDC.

The disinvestment target for current fiscal has been set at Rs 1.75 lakh crore. So far, the mop up stands at Rs 3,994 crore through sale of SUUTI stake in Axis Bank.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)