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Jul 25, 2012, 10.10 PM IST
Department of Disinvestment (DoD) has finally finalised to sell 5% stake in Neyveli Lignite, reports CNBC-TV18. The company is expecting to raise about Rs 500-600 crore by the stake sale.
Neyveli Lignite has said that timing for the stake sale is not yet confirmed by cabinet note will be floated in 4-8 weeks. However, the stake sale divestment will be opened only when market conditions are right. The company will also offer 5% discount to employees. The government currently holds 93.56% in NLC.
Due to the poor market conditions, the government has not been able to launch the Rs 30,000-crore disinvestment programme for the current fiscal so far. A few days ago, it had put on hold the initial public offer (IPO) of Rashtriya Ispat Nigam Ltd (RINL) due to volatility in the markets.
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