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Construction : Deals | August 2012 | Source : Construction Update

Centre clears 5% stake sale in Neyveli Lignite

Nearly six years after an aborted attempt to offload stakes in Neyveli Lignite Corporation (NLC), the Union government has decided to sell off at least 5 per cent of its stake in the mineral firm by October.

The PSU, in which the government currently holds 93.5 per cent stake, is expected to seek its board’s approval soon at the behest of the Finance Ministry.

In the third week of July in course of a meeting between the Coal Ministry and Department of Disinvestment, it was agreed that 5 per cent of the government stake in NLC would be offloaded, which would help the Centre collect nearly Rs 800-Rs 1,000 crore.

A senior Coal Ministry official said that the meeting also agreed on a proposal of the Coal Ministry to earmark 200 shares for each employee at 5 per cent discount.
 
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