NEW DELHI: Shares of NMDC gained over 2 per cent in Wednesday's trade after the institutional portion of its ongoing offer for sale (OFS) got subscribed by 1.68 times. Institutional investors bade for over 6.36 crore shares, representing 1.68 times of the 3.79 crore shares reserved for them, as per NSE data.

Following the development, the stock rose 1.97 per cent to hit a high of Rs 157.65 on BSE. The scrip had fallen 4.48 per cent to Rs 154.60 after the company fixed floor price for its two-day offering at Rs 153.50, which was at a 5.15 per cent discount to Monday's closing price.

The government will divest 1.5 per cent stake in the state-run company, aggregating Rs 750 crore. On Wednesday, the issue has been opened for retail subscription. Retail investors will be allocated shares at a discount 5 per cent to the cut-off price.

The government has kept a green-shoe option to retain over-subscription of a further 1.5 per cent.