Home BusinessGovt scouts for lead-managers for NMDC selloff
Taking the disinvestment process in iron ore producer NMDC forward, the government today invited applications for appointment of lead managers to advise it on the timing of the public issue, among other aspects.
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"The government will select and appoint up to six merchant bankers with requisite experience in public offerings, who together will form a team and be called book running lead-managers," the Disinvestment Department said while inviting proposals.
Interested parties have to submit their proposal by December 18.
The bidders interested for the NMDC follow-on public offer (FPO), which will see the government selling an additional 8.38 per cent of its stake in the Navratna firm, should have handled domestic or international equity issues to the tune of Rs 500 crore or more during the past three years, the proposal said.
Last week, the government had given its approval for the additional stake sale in NMDC. At present, the government holds about 98.38 per cent in the largest iron ore mining firm. About 1.62 per cent holding has already been made public.
The move may fetch the exchequer about Rs 14,000 crore based on the firm"s share price. Shares of the PSU today closed at Rs 417.95, down 0.69 per cent from the previous close on the Bombay Stock Exchange.