The centre will get to know the fair value of NSL once the blast furnace is operational. Financial bids would be invited only after investors gain confidence about the real capacity of the company.
New Delhi : The Centre is likely to invite financial bids for NMDC Steel after commissioning the blast furnace in Nagarnar, Chhattisgarh, reported news agency. The officials expect the value of the company to rise once the blast furnace is operational. NMDC Steel is expected to have a production capacity of 3 million tonnes per annum. The central government holds a 60.79 percent stake in NMDC Steel Ltd (NSL) after it got demerged from NMDC, India's largest iron ore producer. The remaining 39.21 per cent stake is with the public. The Centre is expected to divest 50.79 percent of its shareholding, along with management control. The government had received multiple preliminary bids or expressions of interest for the company.
The centre will get to know the fair value of NSL once the blast furnace is operational. Financial bids would be invited only after investors gain confidence about the real capacity of the company. NMDC Steel, which was listed on the stock exchanges in February this year at Rs 30.25, is currently trading at around Rs 44 per unit. Based on the current market price, the sale of a 50.79 per cent stake would fetch the government around Rs 6,500 crore.
The disinvestment process of NSL is expected to be completed in the FE 20323. The Budgeted disinvestment target for the current fiscal is Rs 51,000 crore, of which the government has so far raised Rs 4,235 crore from minority stake sale in PSUs.
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