Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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NMDC share sale floor price set at 147 rupees

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A truck is loaded with iron ore while being weighed at the Bedara Bhommanahalli (BBH) iron ore mines at Chitradurga in Karnataka November 9, 2012. REUTERS/Danish Siddiqui/Files

A truck is loaded with iron ore while being weighed at the Bedara Bhommanahalli (BBH) iron ore mines at Chitradurga in Karnataka November 9, 2012.

Credit: Reuters/Danish Siddiqui/Files

NEW DELHI | Tue Dec 11, 2012 4:47pm IST

NEW DELHI (Reuters) - The floor price for the sale of shares in state miner NMDC Ltd(NMDC.NS) has been set at 147 rupees a share, a finance ministry official said on Tuesday, in a deal that could raise $1.1 billion for the deficit-strapped government.

The government plans to sell a 5 percent stake in lignite miner and power generator Neyveli Lignite (NELG.NS) in March or April next year, said the finance ministry official, declining to be named as he was not authorised to speak to the media.

The NMDC share sale, part of the government's divestment programme to raise $5.5 billion by next March, will open on Wednesday morning and close later in the day. The government, which owns 90 percent of NMDC, will sell a 10 percent stake. (Reporting by Arup Roychoudhury; Editing by Jijo Jacob)
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