MUMBAI, Dec 10 (Reuters) - An Indian panel of ministers
plans a share sale in state miner NMDC Ltd for
Wednesday, three sources with direct knowledge of the matter
said, in a deal that could raise up to $1.1 billion for the
The government is likely to announce a floor price on
Tuesday for the sale through a share auction, which is likely to
be in the range of 145 rupees to 150 rupees, two of the sources
The government is selling a 10 percent stake in India's
largest iron-ore miner. At the top end, the share sale will
garner about $1.1 billion.
NMDC shares closed 2.3 percent lower at 154.75 rupees, ahead
of the decision.
New Delhi has so far raised only $148 million by selling
shares in state companies out of its target of $5.5 billion for
the fiscal year that ends in March. Weak market conditions,
corruption scandals and wrangling among government officials
have delayed several planned offerings.
(Reporting by Prashant Mehra and Sumeet Chatterjee; Editing by