Govt to sell NALCO stake worth $260 mln on March 15

NEW DELHI (Reuters) - A panel of ministers has approved selling a 12.15 percent stake in state-owned National Aluminium Co Ltd (NALCO) through a share auction on March 15, a finance ministry official said on Wednesday.

He did not give details on the likely pricing for the sale.

Selling down its shareholding in state companies is central to the government's plan to cut its fiscal deficit. It has so far raised about $4 billion through divestment and hopes to touch its target of $5.1 billion by end-March.

At the current price, the NALCO stake is worth about $260 million. On Wednesday, shares in the company closed 2 percent higher at 46.10 rupees, ahead of the announcement.

 

(Reporting by Rajesh Kumar Singh; Editing by Subhranshu Sahu)