NMDC share sale floor price set at 147 rupees

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

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

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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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