NMDC disinvestment likely by mid-Dec
"NMDC disinvestment is likely by mid-December. We hope to raise Rs 7,500 crore via 10 per cent share sale in it," Steel Secretary D R S Chaudhary said on the sidelines of inaugural function of steel pavellion in the India International Trade Fair here.
The Finance Ministry last week had said it is looking at divesting stakes in three PSUs-- Hindustan Copper, NMDC and Oil India by end December, which may fetch Rs 12,000 crore to the exchequer.
Steel Minister Beni Prasad Verma said the process of NMDC disinvestment has already begun and roadshows were being organised.
Earlier this month, the government appointed leading law firm ALMT Legal, Advocates & Solicitors as legal adviser for selling its 10 per cent stake in the country's largest iron ore miner.
The government has also appointed Citigroup Global Markets India, Goldman Sachs (India) Securities, DSP Merrill Lynch (all Mumbai based), Enam Securities and ICICI Securities (Delhi based) as Merchant Bankers for the stake sale.
The stake sale will take place through "Offer for Sale by promoters through the stock exchanges" (OFS) method.
The Cabinet Committee on Economic Affairs (CCEA) had on October 25 cleared sale of about 39 crore equity of NMDC of face value of Rs 1 each through the OFS route. At present, the government holds 90 per cent stake in the National Mineral Development Corporation
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