Cabinet clears NMDC stake sale

The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the disinvestment of 10 per cent paid-up equity capital in NMDC through an “offer for sale (OFS) of shares through stock exchanges”. Currently, the Centre holds 90 per cent stake in the firm. As on March 31, NMDC’s paid-up equity capital stood at Rs 396.47 crore. CCEA also authorised an empowered group of ministers to adopt a different method for the disinvestment.