A committee of ministers will start selecting arrangers for the sale this week after cabinet approved plans to divest an 8.38 percent stake, said the people, who declined to be identified because the development has yet to be made public. The government needs to reduce its 98.38 percent holding as part of a plan to cut ownership of profitable state-run companies to 90 percent. NMDC’s shares rose the most in a month.
The best performance in
“There are too few shares in the market now and everybody wants a piece of the company because it has an excellent model,” said Sanjay Makhija, head of institutional sales at Fortune Financial Services India Ltd. “It’s
NMDC shares gained as much as 7.6 percent, the most since Nov. 10, and traded at 426.50 rupees, up 4.7 percent, as of 12:09 p.m. in Mumbai. The shares have more than doubled this year, compared with a 79 percent gain in the Bombay Stock Exchange’s benchmark Sensitive Index.
The government resumed asset sales after Singh won a second term without support from his former communist allies, who had foiled previous attempts. Singh’s administration aims to sell shares in NTPC Ltd,
“There’s appetite in the market,” said Munesh Khanna, managing director of investment banking at Mumbai-based brokerage Centrum Broking Pvt. “Most bankers will pitch for the government stake-sale business.”
NMDC expects to double production capacity to 50 million metric tons by March 2015, according to the company’s Web site. NMDC sold 22.6 million tons of iron ore in
Wednesday, December 9, 2009
NMDC Said to Plan $3 Bn Sale of State-Held Stock
Industry Research Reports
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