Charity begins at home for banks on Indian state selldowns
Bookbuilding on Indian state-owned miner NMDC’s Rs99.6bn–Rs116.2bn (US$2.18bn–$2.55bn) follow-on began with a muted response last week – though this was not surprising considering the measly fees the Indian government was paying the six bookrunners on the deal. Observers are now blaming the Indian government’s stinginess on fees for the limited success of its privatisation programme this year.
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