As per sources LIC subscribed 70% of NMDC FPO which get subscribed in last friday for 1.X times.Out of 22 Cr shares to FII only 8lakhs was only subscribed that gives indication how over priced issue was.Then how can LIC who is largest Investment company of India subscribed to this much amount of Issue.
LIC have their on reason like NMDC will be coming to Index with in months ,or they have enough inflows to subscribe to issue etc.Let see which fund subscribe after full information came out.Peers of NMDC working in lower P.E multiple it was strange that LIC gone for this much subscription
I think it will be safe to assume Company have pressure from Government to Subscribe that much.
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