NMDC's $1.2 billion share sale likely on Dec 13

The government's share selldown in state-run miner NMDC Ltd to raise roughly $1.2 billion

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is likely to be launched on December 13, three sources with direct knowledge of the situation said on Thursday.

The government, which owns 90 percent of NMDC, plans to sell a 10 percent stake in the company. All the sources declined to be named as they were not authorised to speak to the media.

Last week, the government raised about $147 million by selling shares of state-run Hindustan Copper Ltd., kick-starting a stalled divestment programme that is crucial to reining in a ballooning fiscal deficit.

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