NMDC Steel Stock Price: NMDC Steel shares are fixed at the 5% upper circle listing

Shares of NMDC Steel rose 5% and remained in the upper circuit after listing on the stock exchange on Monday. The shares were trading at Rs 30.25 on both exchanges, gaining about 4.96%.

In October 2020, the CCEA gave its “in principle” approval for the spin-off of NMDC’s Nagarnar steel production unit and the strategic divestment of the resulting unit through the sale of the central government’s entire stake. Last year, NMDC approved the demerger of NMDC and NMDC Steel.

Subsequently, on December 1, 2022, the government solicited bids to purchase a 50.79 percent stake in NSL. The government’s remaining 10% interest would be offered to NMDC after the strategic buyer was selected for the 50.79% interest.

NMDC shareholders were allotted one share of NMDC Steel for each share held.

The government recently said it had received several tentative bids to privatize NMDC Steel. Currently, the government holds a 60.79% stake in NMDC Steel, the steel making facility of India’s largest iron ore producer NMDC in Nagarnar, Chhattisgarh.

NMDC Steel is facing privatization with the government intending to sell 50.79% of its stake along with management control. The government had submitted preliminary offers or EoI for the strategic sale on December 1, 2022, and the deadline for submitting offers was January 27.

According to current estimates, March 31 is the planned date for the commissioning of the NSL steelworks, the government announced. NSL is expected to have a production capacity of 3 million tonnes per year (MTPA).

https://economictimes.indiatimes.com/markets/stocks/news/nmdc-steel-shares-locked-in-5-upper-circuit-at-listing/articleshow/98080518.cms NMDC Steel Stock Price: NMDC Steel shares are fixed at the 5% upper circle listing

Luke Plunkett

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