govt to divest 8.38% in NMDC by this fiscal

The govt will sell its 8.38% stake in NMDC by march 31, 2010, the navratna mineral company said on tuesday. the govt of India has desiredx to complete the process of disinvestment of 8.38% of paid up equity in NMDC Ltd out of govt's shareholding through further public offer in the domestic market during the current fiscal year, the company said in a filing to the bombay stock exchange. As part of disinvestment programme the govt is proposing to offload 8.38% of its stake in NMDC through a follow-on public offer(FPO).