Bids from the merchant bankers have been invited by the government for assisting it in the sale of 10 percent stake in blue-chip NMDC that could fetch around Rs 3,900 crore to the exchequer.

Four merchant bankers will be selected by the government to manage the stake sale in India’s largest iron ore producer NMDC.

The last date for submission of bids by merchant bankers is May 16 according to the Expression of Interest floated by Department of Investment and Public Asset Management (DIPAM).

The sale of 39.64 crore shares at the current market price of Rs 100.20 a piece through an offer for sale (OFS) would fetch around Rs 3,900 crore to the exchequer.

At present the government holds 80 percent stake in the PSU that has a paid up capital of Rs 396.47 crore.

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