Govt invites bids from bankers for stake sale in NMDC, Nalco
Press Trust of India: New Delhi, Sep 09 2012, 01:12 IST
The department of disinvestment has invited bids from merchant bankers for further divesting government's stake in two Navratnas—NMDC and Nalco. The government has decided to disinvest 10% paid up equity of NMDC through offer for sale (OFS) of shares through the stock exchanges, department of disinvestment said in an advertisement.
The government currently holds 90% stake in the country's top iron ore producer after it offloaded its 8.38% holding of then 98.38% stake in the company in March 2010. For NMDC stake sale, the last date for submitting expressions of interest (EoI) by merchant bankers is September 28. The role of the merchant bankers would be to assist and advise the government on modalities of the offer for sale and also conduct market surveys for pricing the offer. Last week, an inter-ministerial panel headed by DoD secretary Mohammad Haleem Khan met to decide on appointment of investment bankers for further stake sale in NMDC.
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