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.
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.
