NMDC's $1.2 billion share sale likely on Dec 13

MUMBAI Thu Nov 29, 2012 6:25pm IST

Labourers work inside an iron factory on the outskirts of Jammu November 12, 2012. REUTERS/Mukesh Gupta

Labourers work inside an iron factory on the outskirts of Jammu November 12, 2012.

Credit: Reuters/Mukesh Gupta

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MUMBAI (Reuters) - The government's share selldown in state-run miner NMDC Ltd(NMDC.NS) to raise roughly $1.2 billion is likely to be launched on December 13, three sources with direct knowledge of the situation said on Thursday.

The government, which owns 90 percent of NMDC, plans to sell a 10 percent stake in the company. All the sources declined to be named as they were not authorised to speak to the media.

Last week, the government raised about $147 million by selling shares of state-run Hindustan Copper Ltd.(HCPR.NS), kick-starting a stalled divestment programme that is crucial to reining in a ballooning fiscal deficit.

(Reporting by Sumeet Chatterjee; Editing by Anupama Dwivedi)

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