Small Business
NMDC may get issue advisors, investment bankers soon
The government is likely to appoint investment bankers and advisors soon for the disinvestment of additional 8.38 per cent stake in iron ore producer NMDC, official sources said today. - MF investment:Take your pick - CCEA clears NMDC stake sale: Virbhadra Singh - "SAIL, NMDC divestment plans before Cabinet soon - SAIL, NMDC divestment plans before Cabinet soon: Virbhadra - Milestone invests Rs 60 cr in KIMS - Top 10 firms lose Rs 40,000 cr last week The disinvestment department is likely to ask the Department of Audio-Visual Publicity (DAVP) to come out with an ad for appointing investment bankers and issue advisors for the NMCD selloff process, they said. The DAVP sources, however, said they have not received any request so far in this regard. "As per the existing norms, firms like NMDC can issue an ad directly but it has to follow the DAVP norms," they added. The DoD officials could not be contacted. The inter-ministerial group on disinvestment, which comprises representatives from the disinvestment department and steel ministry, met NMDC officials today to start the selloff process in the Navratna firm. The government is likely to mop up about Rs 14,000 crore from the proceeds, based on today"s NMDC share price of Rs 420.85 on the BSE, where it shed 0.45 per cent. The selloff department officials are also expected to meet the market watchdog Sebi soon to expedite the process. "The DoD is working to fast-track the NMDC disinvestment process. They are likely to meet Sebi officials soon to expedite it," the official said.Payday Advances commented:
Government want to disinvest the 8.38 percent stake of NDMC as many big firms are loosing money form the last long time so by this government want to reduce the risk.
29.11.2011