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    Default National Mineral Development Corp public offer by fiscal-end

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    The government plans to divest 8.38 percent in state-run National Mineral Development Corp (NMDC) before the end of the fiscal, the company said Tuesday in a regulatory statement.



    "The government has desired to complete the process of disinvestment of 8.38 percent of paid-up equity in NMDC, out of government's share holding through further public offer in the domestic market during the current financial year," said a company statement.

    The government is also aiming to offload 10 percent equity in three power utilties -- NTPC (formerly National Thermal Power Corp), Rural Electrification Corp (REC) and Satluj Jal Vidyut Nigam (SJVN) by end of 2009-10.

    It plans to use the proceeds from such stake sales to make capital investment over the next three years and has already divested 5 percent stake in National Hydro Power Corp (NHPC) and exploration firm Oil India this financial year.



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