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NMDC Steel Share Listing: Even though the Indian Stock Market may have declined on Monday, the listing of NMDC Steel Limited on the Stock Exchange has been excellent. After being listed at Rs 30.25, NMDC’s stock got locked in upper circuit at Rs 31.75 with a gain of 5 per cent.
In the middle of the year, the Central Government had approved the demerger of NMDC and NMDC Steel Limited. After the demerger, every shareholder of NMDC got one share of NMDC Steel for one share held. After which the stock of NMDC Steel Limited has been listed on the stock exchange today. With this listing, the market capitalization of the company has gone up to Rs 9304 crore. The face value of NMDC’s share is Rs 10 per share.
On December 1, 2022, the government had invited bids to sell 50.79 per cent stake in NMDC Steel Limited. Once the name of the strategic buyer is finalized, the government will offer 10 percent of its 60.79 percent stake to NMDC. The government has a total stake of 60.79 per cent in the company. MNDC Steel has a steel manufacturing plant at Nagarnar in Chhattisgarh.
The government wants to privatize NMDC Steel and under this, wants to sell its 50.79 percent stake along with giving management control of the company. The government has invited preliminary bids and January 27, 2023 was the last date for bidding. Production will start from 31 March 2023 at NMDC Steel. The company has the capacity to produce 3 million tonnes of steel per annum.
On the other hand, the share of NMDC, the parent company of NMDC Steel, closed down by 2.06 per cent at Rs 118.70 at the end of today’s session. MNDC is the country’s largest iron-ore producing company.
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