Mumbai, March 12 (IANS) The follow-on public offer of the state-run National Minerals Development Corp was over-subscribed 1.22 times Friday, the last day, with good demand from financial institutions, according to data available with the bourses.

At close, bids were received for 40,94,11,320 shares against 33,22,43,200 on offer. The issue had opened on March 10 with the price band of Rs.300-Rs.350.

As per to data available with the National Stock Exchange (NSE), response of qualified institutional buyers was overwhelming, while that from retail investors was hesitant. Maximum bids were also received in the lower end of the price band.

Prior to this, an offer by another state-run firm, Rural Electrification Corp Ltd was over-subscribed 3.1 times, while that of power utility NTPC evoked a lukewarm response and ended up with bids barely 1.2 times more.