New Delhi: Steel Minister Virbhadra Singh
on Wednesday said that the government has given the nod for divesting an additional 8.38 per cent stake in iron ore producer NMDC, a move which may fetch the exchequer over Rs 13,500 crore.
"The Cabinet Committee on Economic Affairs (CCEA) last
week had cleared the government`s additional 8.38 per cent
stake sale in NMDC," Singh said.
At present, the government holds about 98.38 per cent in
the navratna firm. About 1.62 per cent holding has already
been made public.
The government`s two-phase share sale programme for Steel
Authority of India (SAIL) may also get the Cabinet go-ahead by
the end of December, he added.
Meanwhile, the inter-ministerial group (IMG) on
disinvestment is expected to discuss tomorrow the appointment
of investment bankers and advisers for the NMDC disinvestment,
thus kicking start the stake sale process in the nation`s
largest iron ore producer. Top officials from NMDC, including
CMD Rana Som, is likely to attend the meeting.
The government is expected to garner over Rs 13,500 crore
at through the process at the current market price of NMDC
shares, which closed 3.90 per cent up at Rs 422.75 on the BSE
today.
"The IMG on disinvestment will meet tomorrow. The NMDC
brass have been called for the meeting. The IMG is expected to
chalk out the disinvestment process for the company and also
talk about appointment of investment bankers, advertising
agencies, issue adviser, among others," a top government
official said.
PTI
