Mumbai: The government will sell its 8.38 percent stake in NMDC by March 31, 2010, the Navratna mineral company said on Tuesday.
"The government of India has desired to complete the process of disinvestment of 8.38 percent of paid-up equity in NMDC, out of government's shareholding through further public offer in the domestic market during the current financial year," NMDC said in a filing to the Bombay Stock Exchange.
As part of its divestment programme, the government is proposing to offload 8.38 percent of its stake in NMDC through a follow-on public offer (FPO).
As of September quarter, the government held about 98.38 percent in NMDC, and the rest were with the public.
Shares of NMDC rose 4.55 percent over previous close to a high of Rs 433 in the afternoon trade on the BSE.
First Published: Tuesday, December 29, 2009, 14:47