National Mineral Development Corporation Limited (NMDC) is a government undertaking organization ruled by the Ministry of Steel. NMDC is engaged in the exploration of broad range of materials including iron ore, lime stone, diamond etc. NMDC is India’s single biggest iron ore producer and is currently functioning 3 big motorized iron ore mines in addition to functioning the only mechanized diamond mine in the nation, at Panna in Madhya Pradesh. The government had determined that there will be no privatization, but there would be disinvestment, so the prices would be low.
The trouble was that there was a very little supplying of NMDC shares in the market which resulted in a very high price; Rs 450 was the price some time back, but that was due to the lack of supply of shares. The Steel Ministry has sanctioned the sale of 8.38 percent of government equity in the IT Company NMDC that could bring the funds approximately Rs 12,000 crore. After the disinvestment, the government equity in the NMDC will fall by 10 percent, the minimum that is required for listing shares of a company on the bourses under the SEBI regulations. Currently, the state-run entity is exempted from this rule.
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