NMDC's stock rises sharply on first day of trading post demerger

27 Oct 2022 , 11:57 AM

NMDC Limited’s stock price has risen significantly on the first day of trading of its shares post the demerger. Its demerged stock started trading today at Rs 94 per share. By 12:12 p.m. it has risen t o Rs 107.30 per share. 

After getting clearance from the government, the business will list its steel entity, NDMC Steel, independently.

The government extended its approval earlier this month to demerge the steel business from the state-owned iron-ore miner, the firm notified the markets.

The record date for the same is set for Friday, October 28, which implies that investors who have received shares as of that day are eligible for a stake in the new organisation.

Investors who purchased shares on Tuesday, October 25, will be eligible for shares of the new corporation that will hold the steel business.

For each share of NDMC held, qualified investors would receive one share of NDMC Steel with a face value of Rs10.

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