Indian government to sell 10 percent stake in NMDC

The Indian government plans to sell a 10 percent stake in the state-run miner NMDC on Wednesday, December 12, as a part of the government's divestment program to raise $5.5 billion by March 2013, according to media reports.
 
The government is expected to finalize the price today, December 11, with the floor price for the sale of the stake estimated to be in a range of INR 145-150 ($2.7-2.8) per share. The sale will be carried out through an auction to institutional investors and is expected to close later on Wednesday.
 
The Indian government, which currently owns 90 percent of NMDC, will continue to reduce its stake in other companies in the coming months.